MIDD · The Middleby Corporation

The Middleby Corporation completed the spin-off of its Food Processing business, now operating as Midera Food Processing, Inc., effective July 6, 2026. This separation positions Middleby as a pure-play commercial foodservice leader, while Midera becomes an independent publicly traded company focused on food processing equipment. The distribution was executed on a pro rata basis, with each Middleby stockholder receiving one share of Midera common stock for every Middleby share held as of the record date. Midera's common stock is expected to commence trading on Nasdaq under the symbol 'MFP' on July 7, 2026. To facilitate the separation and ongoing relationship, the companies entered into five ancillary agreements: a Separation and Distribution Agreement, Tax Matters Agreement, Employee Matters Agreement, Intellectual Property Matters Agreement, and Transition Services Agreement. Concurrently, two directors and an officer resigned from Middleby to assume roles at Midera, reflecting the operational independence of the new entity. The spin-off is intended to unlock shareholder value by allowing each company to focus on its respective strategic priorities and market opportunities.