ELGIN, IL — In continuation of Middleby Corp.’s development of its Food Processing business spin-off, the company announced that its board of directors formally approved the previously announced creation of Midera Food Processing.
With this split, Middleby’s focus will remain on the commercial foodservice sector while Midera will prioritize food processing automation.
“This separation represents the culmination of years of strategic planning and portfolio optimization,” said Tim FitzGerald, CEO of Middleby. “Both Middleby and Midera are well-positioned to accelerate growth as independent companies, each with the strategic focus to pursue distinct opportunities in their respective markets.”
To complete the business spin-off, Middleby will distribute issued and outstanding shares of Midera common stock pro rata to Middleby stockholders of record on June 26, with the distribution expected to occur July 6 at 12:01 a.m. ET. The distribution ratio will be one share of Midera common stock for every one share of Middleby common stock held as of June 26 at 4 p.m. CT.
FitzGerald noted that this approach will drive value creation for its shareholders.
“Midera is entering an exciting new chapter as a pure-play food processing technology leader,” said Mark Salman, incoming CEO of Midera. “We have deep customer relationships, leading brands across protein, bakery and snack processing, and a proven innovation engine that delivers real solutions.”
As an independent company, Salman shared that the business will have the strategic focus and financial flexibility needed to accelerate its delivery of solutions to Midera customers.
“Our unique position in the market comes from our ability to integrate equipment, automation and service into total line solutions as we seek to deliver the lowest total cost of ownership for our customers,” he said. “We’re excited to capitalize on the significant growth opportunities ahead and create substantial shareholder value.”
