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New Port Richey’s Welbilt sells in deal valued at $4.3 billion

April 21, 2021 - Welbilt Inc., a commercial food equipment manufacturer in New Port Richey, has agreed to be acquired by Middleby Corp. in an all-stock deal with an enterprise value of $4.3 billion. Welbilt (NYSE: WBT) is one of the larger publicly traded companies headquartered in the area, with $1.15 billion in net sales in 2020. The company struggled during the pandemic, however, as many of its restaurant customers closed or limited their operations. Middleby (Nasdaq: MIDD) is based in Elgin, Illinois and is a leader in the food service equipment industry. Welbilt shareholders will receive 0.1240 shares of Middleby common stock for each share of Welbilt common stock they own, according to a news release. The deal is expected to close in late 2021. The combined company would have about $3.7 billion in 2020 sales, and expects to save about $100 million in costs by the third year of combined operations. The news release did not say how Welbilt operations in New Port Richey would be impacted.

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