CHICAGO, April 29, 2019 /PRNewswire/ -- JBT
Corporation (NYSE: JBT), a global technology solutions
provider to high-value segments of the food & beverage
industry, today announced it signed a definitive agreement to
acquire Proseal uk Limited, a leading provider of tray sealing
technology for the food industry. Privately held Proseal is
headquartered in Adlington, UK, with additional production
facilities in Richmond, Virginia
and Melbourne, Australia.
Tray sealing is a packaging technology used across a broad
spectrum of food products, including ready meals, fresh produce,
sandwiches, and proteins, that enhances freshness and flavor by
sealing the product with film over a preformed tray. Proseal has
been at the leading edge of developing environmentally-friendly
packaging that minimizes the use of plastics while reducing food
waste by extending the product's shelf life.
"The acquisition of Proseal represents an important expansion of
JBT's capabilities, adding significantly to our end-of-line market
position and advancing our strategy of providing full-line customer
solutions," stated Tom Giacomini,
JBT's Chairman, President, and Chief Executive Officer. "Moreover,
we believe Proseal's technology affords growth opportunities around
the globe."
"Tray sealing is relevant to many of our FoodTech customers,
particularly in the rapidly expanding market for convenience
foods," said Carlos Fernandez, JBT's
Executive Vice President and President, Liquid Foods.
The acquisition of Proseal is expected to add annual revenue of
approximately $100 million with
EBITDA margins of approximately 25 percent before
acquisition-related costs.
The purchase price is £220 million, before customary
post-closing adjustments. Closing is expected in the second quarter
of 2019 and is subject to regulatory approvals.
Additional information on Proseal can be found on its website at
https://www.proseal.com while further information on JBT's
acquisition strategy can be found in the Featured Reports at
https://www.jbtc.com/investors.
JBT Corporation (NYSE: JBT) is a leading global technology
solutions provider to high-value segments of the food &
beverage industry with focus on proteins, liquid foods and
automated system solutions. JBT designs, produces and services
sophisticated products and systems for multi-national and regional
customers through its FoodTech segment. JBT also sells critical
equipment and services to domestic and international air
transportation customers through its AeroTech segment. JBT
Corporation employs approximately 5,900 people worldwide and
operates sales, service, manufacturing and sourcing operations in
more than 25 countries. For more information, please visit
www.jbtc.com.
This release contains forward-looking statements as defined
in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are information of a non-historical
nature and are subject to risks and uncertainties that are beyond
the Company's ability to control. These risks and uncertainties are
described under the caption "Risk Factors" in the Company's most
recent Annual Report on Form 10-K filed by the Company with the
Securities and Exchange Commission that may be accessed on the
Company's website. The Company cautions shareholders and
prospective investors that actual results may differ materially
from those indicated by the forward-looking statements.
Investors & Media: Megan Rattigan +1 312 861
6048
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SOURCE JBT Corporation