Welbilt's exposure to the U.S. fast-food market will make new Italian owner Ali Group more resilient in a slowing global economy, while the deal will bring $100 million in cost savings, the chief executive of the catering equipment company told Reuters. The closing of the $3.4 billion deal to acquire Welbilt, the biggest for an Italian company in the United States in seven years according to Refinitiv, will double America's contribution to group turnover to 48%, CEO Filippo Berti said. The transaction was inked last year after a bidding war with bigger rival Middleby, as Ali sought greater access to a resurgent U.S. fast-food sector but before supply chain and inflation issues came to the fore.
NEW PORT RICHEY, Fla., May 20, 2022--Welbilt, Inc. (NYSE:WBT), a leading provider of commercial equipment and cloud device management for the foodservice industry, is proud to announce today the launch of the Largest Smart Restaurant Ecosystem. The ecosystem is powered by the biggest digital companies in the Internet of Things (IoT) space that will empower its homegrown cloud platform for connected restaurant equipment, KitchenConnect®.
NEW PORT RICHEY, Fla., May 10, 2022--Welbilt, Inc. (NYSE:WBT), today announced financial results for its 2022 first quarter. Due to the announced and pending sale of Welbilt's Manitowoc® Ice business to Pentair plc, the results for Manitowoc Ice are presented as Discontinued Operations in this release and accompanying financial statements and tables for all periods presented.