CHICAGO Commercial appliance manufacturer Middleby Corp. has acquired Viking Range Corp., which makes high-end residential cooking ranges, ovens and kitchen appliances, for $380 million.
Greenwood, Miss.-based Viking operates four manufacturing facilities and a distribution center, according to an investor presentation on the all-cash transaction. Viking has about $200 million in annual revenues, according to Elgin, Ill.-based Middleby, which said it will have the ability to increase production at the sites with minimal capital expenditure requirements.
Middleby said it expects to combine and strengthen its purchasing leverage in the supply chain by buying common items and standardizing common parts.
The acquisition is expected to see Middleby expand its profits by more than 20 percent within three years, the company said.