08:48 AM EST, 02/25/2025 (MT Newswires) -- Middleby ( MIDD ) said Tuesday its board has approved a plan to separate its food processing business into a standalone public company.

The tax-free spin-off, expected to be completed in early 2026, will result in two independent companies, Middleby ( MIDD ) and Middleby Food Processing, with the stock of the newly independent company to be distributed to Middleby's ( MIDD ) shareholders, the company said.

The food processing business generated $731 million in revenue in 2024, the company said.