Middleby Acquires CP Packaging, Expands Offerings in Packaging Innovation

Rhea-AI Summary

The Middleby Corporation (NASDAQ: MIDD) has acquired CP Packaging, a manufacturer of high-speed vacuum packaging equipment based in Appleton, Wisconsin, with annual sales of approximately $15 million. This acquisition aims to enhance Middleby's food processing portfolio by leveraging CP Packaging's innovative systems, which improve sanitation, production speed, and lower operating costs. CEO Tim FitzGerald highlighted the meaningful synergies between packaging brands and food processing platforms, which will strengthen their integrated solutions for customers.

Positive

• Acquisition of CP Packaging enhances Middleby's food processing portfolio.
• CP Packaging's systems improve sanitation, production speed, and reduce costs.
• Synergies among packaging brands and food processing platforms.

Negative

• None.

ELGIN, Ill.--(BUSINESS WIRE)-- The Middleby Corporation (NASDAQ: MIDD) today announced the acquisition of CP Packaging, a manufacturer of advanced high-speed vacuum packaging equipment. Based in Appleton, Wisconsin, CP Packaging has annual sales of approximately $15 million.

“CP Packaging is a leading innovator of horizontal form-fill and seal thermoforming equipment. The CP Packaging systems provide customers with industry leading sanitation, faster production throughput and reduced operating costs. This acquisition further expands upon our ability to provide customers with integrated full-line solutions, while significantly strengthening the packaging equipment offerings in our food processing portfolio,” said Tim FitzGerald, Middleby CEO. “There are meaningful synergies amongst our packaging brands and our food processing platform, as we leverage our long-standing customer relationships, established global distribution and manufacturing capabilities.”

More information on CP Packaging and its advanced packaging technologies is available at www.cppac.com.

The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foodservice, food processing, and residential kitchens. Supporting the company’s pursuit of the most sophisticated innovation, the state-of-the-art Middleby Innovation Kitchens showcases and demonstrates the most advanced Middleby solutions. In 2022 Middleby was named a World’s Best Employer by Forbes and is a proud philanthropic partner to organizations addressing food insecurity. For more information on Middleby and the company’s brands please visit www.middleby.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220711005930/en/

Darcy Bretz, Director of Corporate Communications, (847) 429-7756.

Source: The Middleby Corporation

FAQ

What is the significance of Middleby acquiring CP Packaging?

The acquisition of CP Packaging is significant as it enhances Middleby's food processing portfolio and integrates advanced packaging technologies.

How much were CP Packaging's annual sales?

CP Packaging has annual sales of approximately $15 million.

What benefits does CP Packaging bring to Middleby?

CP Packaging brings improved sanitation, faster production throughput, and reduced operating costs to Middleby's offerings.

What synergies are expected from the CP Packaging acquisition?

The acquisition is expected to create meaningful synergies among Middleby's packaging brands and food processing platforms.