Middleby Is Spinning Off Its Food Processing Segment After a $540 Million Asset Sale. Can the Breakup Close Its Valuation Gap?

Several large industrials are breaking apart this year. Honeywell is splitting into three companies, DuPont spun off its electronics business, and Johnson & Johnson is carving out its orthopedics unit. While the strategies may differ slightly, the goal remains the same -- to unlock shareholder value.Middleby (MIDD +1.11%) is running the same playbook. The company entered this year with three segments: commercial foodservice, food processing, and residential kitchen. It announced a tax-free spinoff of the fo ...