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Middleby Corp. to purchase TurboChef Technologies for $191M in stock, cash

ELGIN ILL. —Middleby Corp., the supplier of commercial pizza ovens, fryers and other equipment based here, has agreed to acquire Atlanta-based TurboChef Technologies Inc. for $191 million in stock and cash.

The transaction, which is subject to approval, is expected to close in the fourth quarter of 2008. —Middleby Corp., the supplier of commercial pizza ovens, fryers and other equipment based here, has agreed to acquire Atlanta-based TurboChef Technologies Inc. for $191 million in stock and cash.

TurboChef manufactures high-speed cooking equipment for such quick-service chains as Subway and Dunkin’ Donuts. TurboChef ovens can cook food as much as 12 times faster than conventional ovens, the company says. While this technology is rapidly expanding, Middleby said it is still in the early stages and plans to expand on TurboChef’s growth. —Middleby Corp., the supplier of commercial pizza ovens, fryers and other equipment based here, has agreed to acquire Atlanta-based TurboChef Technologies Inc. for $191 million in stock and cash.

“TurboChef has done an exceptional job of taking revolutionary cooking technology and successfully commercializing it,” said Middleby chairman and chief executive Selim A. Bassoul. “The rapid growth in TurboChef’s customer base is a testament to the quality and performance of its products and the excellence of its engineering and sales professionals. —Middleby Corp., the supplier of commercial pizza ovens, fryers and other equipment based here, has agreed to acquire Atlanta-based TurboChef Technologies Inc. for $191 million in stock and cash.

“The acquisition of TurboChef will strengthen Middleby’s position as a global leader in the foodservice equipment industry. Having created the speed-cooking category, TurboChef is the most widely known brand name in the category.” —Middleby Corp., the supplier of commercial pizza ovens, fryers and other equipment based here, has agreed to acquire Atlanta-based TurboChef Technologies Inc. for $191 million in stock and cash.

Middleby generated sales of some $500.5 million in 2007, while TurboChef reported sales last year of $108.1 million. TurboChef has reported an operating loss in the each of the past three years, for a total of $68 million. —Middleby Corp., the supplier of commercial pizza ovens, fryers and other equipment based here, has agreed to acquire Atlanta-based TurboChef Technologies Inc. for $191 million in stock and cash.

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