By Denny Jacob
Middleby confirmed it's been conducting a strategic review and that proposals include potentially separating two of its businesses.
The kitchen-equipment maker said the board's review started last year. The board is considering strategic options including a potential separation of its food processing and/or its residential kitchen business units, among other alternatives.
Middleby said it's in advanced stages of the review and expects to reach a conclusion within the next few months.
The disclosure comes days after The Wall Street Journal reported that Garden Investments has built a position in Middleby and plans to push for changes, citing people familiar with the matter.
Garden, which has an almost 5% stake and is looking to continue buying more shares, is planning to push a renewed focus on Middleby's core commercial food service segment while reviewing other parts of the business, including its residential segment, the report added. Garden also will seek board seats and a different capital allocation approach, said the Journal.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 27, 2025 07:39 ET (12:39 GMT)
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