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Middleby completes TurboChef acquisition
January 5, 2009
ELGIN, Ill. & ATLANTA -- The Middleby Corp. has completed its acquisition of high-speed oven maker TurboChef Technologies, the company has announced. "TurboChef has done an exceptional job of taking revolutionary cooking technology and successfully commercializing it," said Middleby CEO Selim A. Bassoul. "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." Initial plans for TurboChef include improving profitability, reducing redundant corporate overhead expenses, implementing cost reduction initiatives and reorganizing the residential business to bring costs in line with revenues, Bassoul said.
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