Middleby Corp to acquire Marel high speed slicing business
The deal is expected to close before the end of first quarter 2015 with Marel, based in Norwich, in the UK, retaining its frozen portioning and robotics product families.
Deli & bacon slicing revenue of €10m per year
Audbjorg Olafsdottir, corporate director investor relations and communications, Marel, told FoodProductionDaily, the divestment is an important step in the company’s strategy as it will increase focus on its core product offering.
“The deli and bacon slicing business has revenue of approximately €10m per year,” he said.
“The high speed slicing business has been operating in Norwich for over 30 years but Marel now wants to concentrate on areas of competitive advantage and to strengthen its market position.
“All employees that are working on the high speed slicing equipment will transfer to Middleby.”
'Refocusing strategy' launched in 2014
Olafsdottir added to further align execution with strategy, reduce the fixed cost base and simplify Marel's organizational structure, a two year refocusing program ‘Simpler, Smarter, Faster Marel’ was launched at the beginning of 2014.
“The plan’s objectives are to increase efficiency to serve customers better and reduce the annual cost base by €20 to €25m over the course of 2014 and 2015,” he said.
Middleby Corp works in the foodservice equipment industry and develops, manufactures, markets and services equipment in the commercial foodservice, food processing, and residential kitchen equipment.
