CHICAGO, June 3, 2019 /PRNewswire/ -- JBT
Corporation (NYSE: JBT), a global technology solutions
provider to high-value segments of the food & beverage
industry, today announced it has completed two acquisitions. First,
the previously announced acquisition of Proseal uk Limited, a
leading provider of tray sealing technology has been completed.
Additionally, the Company has completed the acquisition of Prime
Equipment Group, Inc., a manufacturer of turnkey primary and water
re-use solutions to the poultry industry based in Columbus, Ohio.
"The acquisition of Prime advances our goal of becoming the
preferred provider of full-line solutions for poultry customers
with the addition of Prime's primary processing capabilities,"
stated Tom Giacomini, JBT's
Chairman, President, and Chief Executive Officer. "Prime's deep
expertise, reputation, and high-quality products and services
complement our strategy and winning culture at JBT."
"Prime's latest technologies address pressing needs in the
poultry industry in the areas of automation and water re-use which
will further strengthen our customer relationships," said
Paul Sternlieb, JBT's Executive Vice
President and President, Protein. "Prime's annual revenue of
approximately $45 million is
primarily concentrated in the U.S., and we look forward to
leveraging JBT's global reach to accelerate the deployment of the
automation and water technology for growth outside the U.S."
The purchase price for Prime is $65
million and $280 million for
Proseal. Both agreements include customary post-closing
adjustments.
Together, in 2019, the acquisitions are expected to add revenue
of $80 - 85 million, to be dilutive
to earnings per share by ($0.15) –
($0.25), and accretive to adjusted
earnings per share by $0.05 –
$0.10, all relative to prior
guidance. For the second quarter of 2019, we expect earnings per
share will be diluted by approximately ($0.10), while adjusted earnings per share will
be diluted by ($0.01) – ($0.02). In 2020, the acquisitions are expected
to collectively contribute $140 - 150
million in revenue, and to be accretive to earnings per share by
$0.10 – $0.15, and accretive to adjusted earnings per
share by $0.20 – $0.25. Adjusted earnings per share excludes the
dilutive impact of transaction costs, inventory step up, and
integration costs.
Additional information on these new FoodTech companies can be
found on JBT's website at http://www.jbtc.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 6,400 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 +1 312 206 4169
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SOURCE JBT Corporation