The Middleby Corporation MIDD revealed Wednesday the acquisition of Follett Corporation, which is a leading manufacturer of ice machines, ice and water dispensing equipment, and ice storage. Aside from these, the acquired firm also transports products and medical grade refrigeration products for the foodservice and healthcare industries.
According to Middleby, Follett is headquartered in Easton, Penn., and generate approximately $140 million in revenues annually.
Middleby chairman and CEO, Selim Bassoul, commented, "Follett is a highly respected, industry leading brand in foodservice and healthcare markets with a long-standing reputation for innovation. Follett offers unique product solutions to help customers improve safety, sanitation, labor productivity and water and electric usage."
He continued, "Follett is a strategic fit with our growing beverage platform, complementing existing Middleby brands in a number of domestic and international market niches, and providing for opportunities to offer combined beverage and ice solutions. We are excited about Follett's past record of growth and its strong position for future growth, which will be further enhanced within the broader Middleby group."
Shares of the company traded 0.13 percent down on Tuesday.
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