(MENAFN) Illinois-based foodservice equipment maker Middleby Corp. has agreed to buy Viking Range Corp. for USD380 million, The Wall Street Journal reported.
Viking, a manufacturer of residential cooking ranges, ovens and kitchen appliances, has approximately USD200 million in annual revenues.
The deal will enable Middleby, which owns TurboChef, Jade and MagiKitch'n brands, to expand in the residential sector.
CEO Selim Bassoul said "The acquisition of Viking allows us to integrate our own patented technologies that will have a huge appeal to consumers for their residential kitchens."
Last month, Middleby reported a 27 percent increase in third-quarter profits, and an 18 percent growth in sales.
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