Commercial foodservice appliance maker Middleby Corp. reported record net sales and earnings for 4Q ended Jan. 3, 2009. Net earnings were US$17,313,000 on net sales of $151,020,000. Net sales rose 3.8% in 4Q and 30.3% in the 2008 fiscal year.
During 2008, Middleby completed three acquisitions, including New Star International, Inc., FriFri, and Giga Grand Cucine S.r.l. On Jan. 5, 2009, it also completed the acquisition of TurboChef Technologies, Inc.
Selim A. Bassoul chairman and CEO said, "Business conditions were difficult during the fourth quarter due to the general economic situation... In 2009, we expect the business environment to continue to be difficult...yet we continue to focus on our new product initiatives, which should help offset reduced demand levels in the first half. We are rolling out our Blodgett hydrovection oven with a major restaurant chain customer and have several other products on test. Products such as the TurboChef I-Series ovens, the Middleby Marshall Mini-WOW! Conveyor Oven and the Pitco Rocket Fryer we believe will gain momentum during the year."
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