On July 6, 2026, Middleby Corporation completed the spin-off of its food processing business into a new independent public company, Midera Food Processing, Inc. Middleby distributed 100% of Midera's common stock to its stockholders of record as of June 26, 2026, on a one-for-one basis. Midera is expected to trade on Nasdaq under the symbol "MFP" starting July 7, 2026. To facilitate the transition, the companies entered into Separation, Tax, Employee, Intellectual Property, and Transition Services agreements. Consequently, Robert A. Nerbonne and Cathy T. McCarthy resigned from Middleby's Board, and Matthew R. Fuchsen resigned as Chief Development Officer to join Midera's leadership. Middleby operates in the commercial food equipment industry, designing and manufacturing kitchen equipment for the foodservice and bakery markets.

The Middleby Corporation announced that its food processing business, Midera Food Processing, Inc., has entered into a credit agreement as part of its planned spin-off into a standalone public company. Midera used borrowings and cash to distribute $233 million to Middleby Marshall Inc., a wholly-owned subsidiary of the Company. Middleby expects to distribute all outstanding Midera common stock to existing Company shareholders of record as of July 6, 2026. The Middleby Corporation is a manufacturer of commercial food preparation equipment.

The Middleby Corporation approved the separation of Midera Food Processing, Inc. into a new, publicly traded company via a pro rata distribution of Midera common stock to existing Middleby common stock holders. Shareholders of record as of June 26, 2026, will receive one share of Midera common stock for every one share of Company common stock held. The distribution is effective July 6, 2026. Middleby Corporation operates in the food service equipment industry and manufactures commercial kitchen equipment.

The SEC declared effective the Form 10 registration statement for the spin-off of Midera Food Processing, Inc. from The Middleby Corporation. Shareholders of record as of June 26, 2026, will receive one share of Midera common stock for every share of Middleby common stock held. The distribution is expected to be effective on July 6, 2026. The completion of this transaction remains subject to certain conditions, including formal declaration by the Board. The Middleby Corporation is a manufacturer of commercial food service equipment.