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AGA Rangemaster to be sold
Once the deal is completed later this year, the US firm has said it would carry out a strategic review of operations but was planning to keep AGA’s manufacturing in the UK.
“The addition of AGA’s world class brands, product range and manufacturing capability to our existing portfolio will further strengthen Middleby’s global reach and enhance our position as a leader in the premium segment for residential kitchen equipment,” said Middleby’s chairman and CEO Selim A. Bassoul.
“We believe this transaction will provide meaningful synergies as we build upon the combined strengths of both Middleby and AGA. We will leverage the existing sales, service and manufacturing capabilities of AGA with the Middleby market expertise, product innovation and well established global distribution network.”
Last year, AGA announced a fall in profits mainly because of pension costs, shop closures and site rationalisation, although revenues rose. Middleby will finance the transaction under its current $1.0 billion revolving credit facility. The transaction is expected to close in the third quarter, subject to customary closing conditions and regulatory approvals.
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