ELGIN, Ill. (AP) -- Food service equipment maker Middleby Corp. said Monday it will buy oven and kitchen appliance maker Viking Range Corp. for $380 million.
Viking Range is based in Greenwood, Miss., and makes products for use in residential cooking. Middleby said Viking Range has $200 million in annual sales. Over the last 12 months Middleby's revenue has grown 21 percent to $990 million.
Middleby, which is based in Elgin, Ill., said the acquisition will help it expand in the residential cooking market. It also plans to introduce Viking Range's products in emerging markets.
Middleby's shares rose $2.74, or 2.2 percent, to $128.21 on Monday. The stock advanced 36.3 percent in 2012.