MAYTAG TO SELL BLODGETT TO MIDDLEBY CORP.
HFN: The Weekly Newspaper for the Home Furnishing Network, September, 2001 by Beatty, Gerry
NEWTON, Iowa-Maytag Corp. has found a customer for Blodgett, the maker of commercial cooking products it put on sale in May.
Middleby Corp., said to supply food-service equipment worldwide, will pay $80 million in cash and $15 million for a promissory note. The deal, subject to regulatory approval, should be concluded in the fourth quarter. Maytag said it will record a non-cash loss of about $60 million in the present quarter and apply the money from the sale to debt reduction.
This deal does not involve Jade Products, which then-chairman Len Hadley said in June might also be available. "We are still considering our options," noted an official last week. Jade, acquired early in 1999, makes Dynasty and other outdoor and commercial cooking products....
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