Adds details from release in paragraphs 2,3; background in paragraph 4
Jan 27 (Reuters) - Food processing equipment maker Middleby MIDD.O said on Monday that its board is considering a broad range of strategic options including a potential separation of either or both of its food processing and residential kitchen business units.
Middleby said the strategic review, which started last year, is in advanced stages and the company expects to reach a conclusion within the next few months.
"The Board and management team believe that there is unrealized value in the Company’s business portfolio and have been evaluating a wide range of options and the optimal timing to unlock that value," Middleby said.
The Elgin, Illinois-based company, which holds a market value of $9.13 billion, develops and manufactures a broad line of products used in commercial food service, food processing, and residential kitchens.
(Reporting by Abhinav Parmar in Bengaluru; Editing by Sonia Cheema)
((Abhinav.Parmar@thomsonreuters.com;))
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