Middleby Acquires Proxaut, Innovator of Industry-Leading Automation Solutions

Rhea-AI Summary

The Middleby Corporation (NASDAQ: MIDD) has announced the acquisition of Proxaut, an Italian manufacturer of Auto Guided Vehicles (AGVs) tailored for the food industry, with annual sales of approximately $15 million. This acquisition is part of Middleby's strategy to enhance its automation solutions and capitalize on the increasing demand for Industry 4.0 applications in food processing. The integration of Proxaut's laser-guided technology is expected to improve operational efficiency, reduce labor needs, and streamline workflows.

Positive

• Acquisition of Proxaut enhances automation portfolio, complementing previous acquisition of Vemac.
• Proxaut's AGV technology supports increased production and operational efficiencies in food processing.
• Acquisition aligns with the growing demand for Industry 4.0 solutions.

Negative

• None.

ELGIN, Ill.--(BUSINESS WIRE)-- The Middleby Corporation (NASDAQ: MIDD) today announced the acquisition of Proxaut, a leading manufacturer of Auto Guided Vehicles (AGVs) for the food industry and industrial processing companies. The company is based in Italy near Bologna with approximately $15 million USD in annual sales.

Proxaut AGV technology is used by industry leading manufacturers in a variety of capacities, primarily to move materials and products safely and operate alongside people. Proxaut automation decreases repetitive movements from traditional labor and ergonomically improves workflows.

“We are leading the trend for Industry 4.0 in food processing. Our recent strategic investments in automation are coming to fruition, as we see order demands for this technology,” said Tim FitzGerald, Middleby CEO. “Middleby’s investments in automation and integrated full line solutions are driving efficiencies and operating benefits for our food processing customers. These proven automation solutions reduce operator efforts and labor needs while increasing production, optimizing space, and streamlining loading between machines.”

“Proxaut highly complements our existing automation investments, including Vemac (www.vemacautomazioni.it/en) which was acquired in 2018. Vemac has grown quickly since joining Middleby and Proxaut further extends the Middleby portfolio of automated solutions,” Mr. FitzGerald added.

Proxaut technology utilizes laser-guided, inertial-guided, and/or wire-guided technologies for autonomous movement. The two vehicle types provide customized solutions for moving heavy payloads from one point to another, avoiding non-value added and risky repetitive tasks in workplaces, or lifting materials traditionally handled by a forklift.

Learn more about Proxaut at www.proxaut.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/20220628006132/en/

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

Source: The Middleby Corporation

FAQ

What is the significance of Middleby's acquisition of Proxaut?

The acquisition enhances Middleby's automation solutions, positioning the company to better meet the increasing demand for Industry 4.0 technologies in food processing.

How much annual revenue does Proxaut generate?

Proxaut generates approximately $15 million in annual sales.

What technologies does Proxaut utilize in its AGVs?

Proxaut uses laser-guided, inertial-guided, and wire-guided technologies for autonomous vehicle movement.

When was Proxaut acquired by Middleby?

The acquisition was announced recently, but the specific date is not provided in the press release.

What benefits does the Proxaut acquisition offer to Middleby?

The acquisition is expected to improve operational efficiencies, reduce labor needs, and streamline workflows for food processing customers.