Yahoo Finance Middleby (MIDD) Acquires Icetro to Bolster Beverage Business
The Middleby Corporation MIDD has acquired Icetro, a commercial food service equipment manufacturer that provides ice, soft serve and slush machines. Icetro generates annual sales of approximately $40 million. The financial terms of the acquisition were undisclosed.
The transaction adds to Middleby’s growing portfolio of beverage brands. The buyout expands the acquirer’s Asian manufacturing capabilities and provides solutions to support customers expanding in international markets. It will also help MIDD expand its customer base in Anaheim, CA, where Icetro had its operations.
Middleby has carried out a series of acquisitions lately to expand its market share, product offerings and customer base. Recently, it acquired Proxaut, a provider of Auto Guided Vehicles (AGVs) to the industrial processing companies and the food industry. The addition of Proxaut’s strong product line, coupled with its innovative manufacturing processes, is expected to strengthen MIDD’s product offerings in the food processing end market.
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In December 2021, Middleby acquired Masterbuilt Holdings and Char-Griller. The buyouts boost the company’s product offerings in the residential outdoor cooking products end market. In September 2021, MIDD acquired Imperial Commercial Cooking Equipment, which strengthened its product offerings in the commercial kitchen end market. The successive acquisitions are contributing to the company’s top-line growth.
Price Performance
Middleby’s shares have lost 36.1% in the past six months, compared to the industry’s decrease of 26.7%.
Zacks Rank & Key Picks
Middleby carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Industrial Products sector are Greif Inc. GEF, Myers Industries MYE and Titan International TWI, each flaunting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Greif has an estimated earnings growth rate of 36% for the current year. In the past 60 days, the Zacks Consensus Estimate for current-year earnings has been revised upward by 17%.
Greif pulled off a trailing four-quarter earnings surprise of 22.9%, on average. The company’s shares have gained 4.4% in the last six months.
Myers Industries has an expected earnings growth rate of 67% for 2022. The Zacks Consensus Estimate for the current year’s earnings has moved up 15% in the past 60 days.
MYE has a trailing four-quarter earnings surprise of 20.1%, on average. Myers Industries’ shares have increased 15.2% over the last six months.
Titan International has an estimated earnings growth rate of 165% for the current year. In the past 60 days, the Zacks Consensus Estimate for current-year earnings has been revised upward by 55%.
Titan International pulled off a trailing four-quarter earnings surprise of 56.4%, on average. The company’s shares have surged 37% in six months.
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