Rolling Meadows, IL, October 12, 1999 - The Middleby Corporation (NASDAQ: MIDD) today announced that it will close the Florida headquarters of its international distribution division and move the Latin American sales operations to the Company’s subsidiary in Mexico City, Mexico. These actions follow the year-earlier decentralization of the European and Asian international sales and distribution operations from the Florida office to regional centers located in Spain and Taiwan, respectively. Further, due to continuing operating losses in the Company’s Japan sales subsidiary, management has taken certain actions to reduce costs, including the departure of the subsidiary’s President, whose minority ownership position was purchased by the Company. In addition, the Company’s Philippines-based manufacturing operation is downsizing its operations due to low order levels from its major customers in Asia.

As a result of these actions, the Company will record a pre-tax charge of approximately $1,250,000, or $850,000 and $.08 per share on an after-tax basis, for severance costs, lease termination costs and asset write-downs. The charge will be recorded in the Company’s results for the fiscal third quarter ended October 2, 1999. The Company expects to report results for the fiscal third quarter on or about October 29, 1999.

David P. Riley, President and Chief Executive Officer, said, "The move of our Latin American sales operations is expected to result in a more streamlined sales support and order fulfillment process for our distributors and customers, with a much lower cost structure. Our Mexico subsidiary, which was started in 1995, has developed quite rapidly into a premier provider of equipment and services to major American and Mexican foodservice concepts, and is now positioned to provide order fulfillment to our Latin American customers. The transfer of operations to Mexico should be completed by December 31, 1999. The Florida office will be closed shortly afterwards."

Mr. Riley continued, "The international markets, Asia in particular, have been a real challenge these past two years as emerging market economies have faced difficult financial environments. Many of our major customers have deferred and redirected their restaurant development activities. We have responded by cutting expenses in impacted markets, eliminating redundant processes, reducing administrative costs and restructuring our operations to be closer to the customer. Throughout these restructuring efforts, we have focused on offering an unparalleled quality of service to our international customers. We believe these efforts will improve our level of service while reducing our costs and improving profitability. We expect to realize annualized cost savings of approximately $1,000,000 from the actions taken."

Further, Mr. Riley added, "We are pleased with the very significant improvements in the financial results of our U.S.- based Cooking Systems Group business resulting from the strategic initiatives begun in late 1998. Our third quarter results, however, are anticipated to reflect continued mixed results from our international operations due to low demand levels in Asia and the Middle East, offsetting solid performances in Mexico and Europe. The Philippines manufacturing operation has been further affected by production inefficiencies during negotiations of its recently signed union contract. These factors will result in lower than expected consolidated earnings in the fiscal third quarter. With these recent initiatives, we believe the international businesses are better positioned to achieve profitability in fiscal 2000."

The Company’s international operations also include sales, service and distribution offices in Canada, China, France, Korea and the Philippines.

Statements in this press release or otherwise attributable to the Company regarding the Company’s business which are not historical fact are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include, but are not limited to, quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the Company’s products; the availability and cost of raw materials; and other risks detailed herein and from time-to-time in the Company’s SEC filings, including those discussed under the heading entitled "Risk Factors" in the Company’s Registration Statement on Form S-2 (No. 333-35397) filed with the Securities and Exchange Commission. Any forward looking statements made herein speak as of the date of this release, and the Company undertakes no obligation to update such statements in light of future events or otherwise.

The Middleby Corporation is a leader in the design, manufacture, marketing and service of a broad line of equipment used for cooking and preparation of food in commercial and institutional kitchens and restaurants throughout the world. The Company’s leading equipment brands include Middleby Marshallâ (conveyor cooking equipment), Southbend â (core cooking and steam cooking equipment), and Toastmaster â (counterline cooking and warming equipment). Middleby’s international subsidiary, Middleby Worldwide, Inc., is a leading exporter and distributor of foodservice equipment in the global marketplace and its international fabrication subsidiary, Middleby Philippines Corporation, is a leading supplier of specialty equipment in the Asian markets.

For further information about Middleby, visit the Company’s World Wide Web site,

http://www.middleby.com.

Contacts:

David Riley, President, 847-758-3880, or John J. Hastings, CFO, 847-758-3885, of The Middleby Corporation.