MIDD News & Events

The Middleby Corporation completed the previously announced spin-off of its Food Processing business, now operating as Midera Food Processing. Shares of Midera common stock will begin trading "regular way" on The Nasdaq Stock Market under the ticker symbol "MFP," effective at the market opening on July 7. The spin-off was completed through the distribution, effective as of today at 12:01 a.m. Eastern Time, of all of the issued and outstanding shares of Midera common stock to Middleby stockholders on the basis of one share of Midera common stock for every one share of Middleby common stock held as of 4:00 p.m. Central Time on June 26, the record date for the distribution.

Middleby (MIDD) is spinning off Midera Food Processing (MFP) in a transaction that is expected to close July 7. Redwood Trust (RWT) is no longer representative of the small cap market space.

The Middleby Corporation announced that in connection with the previously announced spin-off of its Food Processing business, Midera Food Processing, has entered into a five-year, $1B credit agreement with Bank of America, as administrative agent, and other financial institutions and lenders, consisting of a $750M revolving credit facility and a $250M multi-currency revolving credit facility. Completion of the spin-off, which remains on track for July 6, is conditioned upon the satisfaction or waiver of certain conditions, as set forth in the form of Separation and Distribution Agreement filed with the U.S. Securities and Exchange Commission as part of Midera's registration statement on Form 10, which was declared effective by the SEC on June 17.

The Middleby Corporation announced that its Board of Directors has formally approved the previously announced spin-off of its Food Processing business, Midera Food Processing. "Midera is entering an exciting new chapter as a pure-play food processing technology leader," said Mark Salman, incoming Chief Executive Officer of Midera. "We have deep customer relationships, leading brands across protein, bakery, and snack processing, and a proven innovation engine that delivers real solutions. As an independent company, we'll have the strategic focus and financial flexibility to accelerate our approach to delivering complete solutions that help food producers efficiently scale their operations. Our unique position in the market comes from our ability to integrate equipment, automation, and service into total line solutions as we seek to deliver the lowest total cost of ownership for our customers. We're excited to capitalize on the significant growth opportunities ahead and create substantial shareholder value."