Elgin oven-maker buys rival

Elgin-based Middleby Corp., the maker of Toastmaster ovens and Pitco fryers, agreed to pay $196 million in stock and cash for TurboChef Technologies Inc., which has lost about two-thirds of its market value this year.

Middleby will add TurboChef's convection oven technology used by Starbucks Corp., Subway sandwich shops and Dunkin' Donuts Inc. to its line of cooking devices sold globally to consumers and restaurants.

"This technology is in the early stages of gaining a broader market acceptance," Middleby said today in a statement.

TurboChef, based in Atlanta, plunged Jan. 31 after Starbucks Chief Executive Officer Howard Schultz said his cafes would eliminate warm breakfast sandwiches because the odor interfered with his coffee's aroma. Starbucks, which uses TurboChef's ovens to heat them, later decided to keep the sandwiches.