GREENWOOD, Miss.--Viking Range,a staple of Greenwood and Mississippi's economy, has announced a buyout deal where Middleby Corp. has accquired Viking for $380 million. The deal was finalized earlier this week.
The new company has said it will keep its operations in Greenwood and, for now, there have been no job cuts announced as a result of the takeover.
Middleby specializes in speed cooking equipment. The company's CEO told the Wall Street Journal that Middleby plans to incorporate some of its speed technology into existing Viking equipment and reduce the cost. Viking ranges range from $3,000 to $8,000. The company was started when part-owner Fred Carl, Jr., noticed some consumers wanted restaurant-grade cooking equipment.
Viking sales are at about $200 million, annually.
Middleby made the accquisition based on their belief that the housing market is getting better and that sales will continue an uptick.