With a view to strengthening its foothold in the food
processing industry, Elgin, Ill.-based,
The Middleby Corporation
) acquired a leading baking systems manufacturer, Spooner Vicars
Bakery Systems for an undisclosed amount.
Addition of Spooner Vicars Bakery's assets will fortify
Middleby's portfolio and will enable the company to leverage
benefits from Spooner Vicars' innovative solutions and existing
customer base worldwide.
Spooner Vicars Bakery Systems based in Merseyside, the United
Kingdom, primarily serves the cookie and crackers industry and
has annual sales of approximately $10 million. Prior to this
acquisition, in Sept 2012, Middleby had acquired Stewart Systems,
a leading manufacturer of baking systems for the food processing
The Middleby Corporation is one of the leading commercial
cooking equipment makers and its popular brands include
TurboChef, Jade and MagiKitch'n. Acquisitions have proved an
important mode of expansion for the company over time. Addition
of Spooner Vicars and Stewart Systems enables the company to
strengthen its services in the food processing industry.
The current Zacks Consensus Estimate for the fourth quarter
2012 is $1.78 while that for 2012 and 2013 are $6.26 and $7.12,
respectively, reflecting year-over-year growth of 21.5% for 2012
and 13.8% for 2013.
The Middleby Corporation currently bears a Zacks Rank #3
(Hold). Other players in the industry that are worth mentioning
Altra Holdings Inc.
) with a Zacks Rank #1 (Strong Buy), and
) with a Zacks Rank # 2 (Buy).
ALTRA HOLDINGS (AIMC): Free Stock Analysis
GORMAN RUPP CO (GRC): Free Stock Analysis
MIDDLEBY CORP (MIDD): Free Stock Analysis
METSO CORP -ADR (MXCYY): Free Stock Analysis
To read this article on Zacks.com click here.