The Middleby Corporation MIDD has acquired Filtration Automation Inc., known for Micron-Pro brand high-capacity oil management systems. Deal terms not disclosed.
Mansfield, Texas-based Filtration Automation's patented technologies are used for poultry, fish, and snacks applications. Filtration Automation has annual revenues of approximately $10 million.
"The Micron-Pro patented, continuous filtration technology gives operators labor savings, improved fryer performance and significant opportunities for cost savings," commented Tim FitzGerald, Middleby CEO.
Middleby's cash balances as of April 1, 2023, were $156.5 million.
Data from real-time usage in the field indicates that the Micron-Pro patented process can be twice as effective as similar systems with no downtime for oil changes.
Price Action: MIDD shares are trading higher by 1.32% at $144.10 on the last check Tuesday.
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