By The Associated Press
GREENWOOD, Miss. (AP) — Food service equipment maker Middleby Corp. says it will buy Mississippi-based oven and kitchen appliance maker Viking Range Corp. for $380 million.
Viking Range is based in Greenwood, Miss., and makes products for use in residential cooking. Middleby said Viking Range has $200 million in annual sales. Over the last 12 months Middleby’s revenue has grown 21 percent to $990 million.
The deal was announced Monday.
Fred Carl Jr., Viking’s founder and chief executive officer, tells the Greenwood Commonwealth (http://bit.ly/ZS3PtI ) that the manufacturer of upscale kitchen appliances will stay in Greenwood. He expects few changes resulting from the new ownership other than future growth in the city of its birth.
Middleby, based in Elgin, Ill., says the acquisition will help it expand in the residential cooking market.