USA: UTC Climate, Controls & Security is to sell its commercial foodservice equipment manufacturer Taylor Company to The Middleby Corporation for $1bn.
Established in 1926, Taylor is a leader in beverage solutions, soft serve and ice cream dispensing equipment, frozen drink machines, and automated double‐sided grills. The company became part of Carrier Commercial Refrigeration business in 2000 when its parent, Specialty Equipment Companies, was acquired by UTC.
Taylor has more than 160 distributors in 125 countries.
Middleby Corp is a leading manufacturer of commercial and residential cooking and industrial process equipment based in Elgin, Illinois.
The sale is expected to be completed early in the third quarter.