Turbochef Technologies (MM) (NASDAQ:OVEN)
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From Jun 2019 to Jun 2024
The Middleby Corporation (NASDAQ: MIDD) and TurboChef Technologies, Inc.
(NASDAQ: OVEN) today announced that Middleby has completed its
acquisition of TurboChef for $3.67 in cash and 0.0486 shares of Middleby
common stock for each outstanding share of TurboChef common stock in
accordance with the terms of an agreement and plan of merger entered
into August 12, 2008 and amended November 21, 2008. The acquisition
closed on January 5, 2009. Middleby financed the transaction under its
senior revolving credit facility.
TurboChef is a leader in speed-cook technology, one of the fastest
growing segments of the commercial foodservice equipment market.
TurboChef’s user-friendly speed cook ovens employ proprietary
combinations of heating technologies to cook a variety of food products
at speeds faster than that of conventional heating methods. Having
created the speed cooking category, TurboChef is uniquely positioned to
capture the growing demand in this segment. The addition of TurboChef’s
line of products will complement Middleby’s existing industry leading
brands and portfolio of innovative technologies, and further strengthen
Middleby’s position as a global leader in the foodservice equipment
industry.
Selim A. Bassoul, Middleby Chairman and Chief Executive Officer, said,
“TurboChef has done an exceptional job of taking revolutionary cooking
technology and successfully commercializing it. We believe this
technology is in the early stages of gaining a broader market
acceptance. This merger provides TurboChef with access to Middleby’s
global sales and service capabilities to support longer-term growth
opportunities.”
Mr. Bassoul further commented, “In the near term, we will focus on
improving the profitability of this business. We will quickly move to
reduce redundant corporate overhead expenses and reorganize the
residential business to bring costs in line with the current revenues.
Additionally, we will implement cost reduction initiatives to realize
synergies in the commercial oven business.”
Richard Perlman, former Chairman of TurboChef, and Jim Price, its former
President, commented, “We have long admired and respected The Middleby
Corporation and its management team and are pleased that we have been
able to bring this transaction to a successful closing.”
Statements in this press release or otherwise attributable to Middleby
regarding its business which are not historical fact are forward-looking
statements made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Middleby cautions investors
that such statements are estimates of future performance and are highly
dependent upon a variety of important factors that could cause actual
results to differ materially from such statements. Such factors include
the risks that Middleby and TurboChef businesses will not be integrated
successfully; the risk that Middleby and TurboChef will not realize
estimated cost savings and synergies; costs relating to the proposed
transaction; disruption from the transaction making it more difficult to
maintain relationships with customers, employees, distributors or
suppliers; the level of end market activity in Middleby’s and
TurboChef’s commercial and residential markets; unpredictable
difficulties or delays in the development of new product technology;
results of pending and future litigation; access to capital; actions of
domestic and foreign governments; variability in financing costs;
quarterly variations in operating results; dependence on key customers;
international exposure; foreign exchange and political risks affecting
international sales; changing market conditions; the impact of
competitive products and pricing and related market conditions; the
timely development and market acceptance of Middleby's products; the
availability and cost of raw materials; and other risks detailed herein
and from time-to-time in Middleby's SEC filings.
The Middleby Corporation is a global leader in the foodservice equipment
industry. The company develops, manufactures, markets and services a
broad line of equipment used for commercial food cooking, preparation
and processing. The company's leading equipment brands serving the
commercial foodservice industry include Blodgett®, Blodgett Combi®,
Blodgett Range®, Bloomfield®, Carter Hoffman®, CTX®, frifri®, Giga®,
Holman®, Houno®, Jade®, Lang®, MagiKitch'n®, Middleby Marshall®, Nu-Vu®,
Pitco Frialator®, Southbend®, Star®, Toastmaster®, and Wells®. The
company’s leading equipment brands serving the food processing industry
include Alkar®, MP Equipment®, and RapidPak®. The Middleby Corporation
was recognized by Business Week as one of the Top 100 Hot Growth
Companies of 2007, by Crain’s Chicago Business as one of the Fastest 50
Growth Companies in 2007, and by Forbes as one of the Best Small
Companies in 2008.