CHICAGO, June 28, 2021 /PRNewswire/ -- JBT
Corporation (NYSE: JBT), a global technology solutions
provider to high-value segments of the food and beverage industry,
announced today it signed a definitive agreement to acquire
Prevenio, a leading provider of innovative food safety solutions
primarily for the poultry industry. Prevenio, formerly known as CMS
Technology, provides highly effective pathogen protection through
its unique anti-microbial delivery solution that significantly
enhances food safety and integrity, and creates a safer work
environment for its customers and their employees. The acquisition
of Prevenio will enhance JBT's recurring revenue portfolio and
furthers its investment in solutions that support its customers'
daily operations. The company is headquartered in Bridgewater, New Jersey, with a full-service
lab in Bogart, Georgia
specializing in microbiology focused on both field and R&D
testing.
"JBT's investment in Prevenio furthers our support in the
protection of our customers' brands and reputation by focusing on
the prevention of foodborne illness. Prevenio's solutions ensure
anti-microbial dosing precision and effectiveness with automated
process controls, allowing it to provide a tailored approach to
protect food and flavor profile. Prevenio further broadens JBT's
non-equipment offering while helping customers protect against
pathogen threats in their daily plant operations," said
Brian Deck, JBT's President and
Chief Executive Officer.
"In addition to the food safety and integrity benefits, Prevenio
provides proprietary turnkey solutions to our customers and ensures
the safe and effective delivery of anti-microbials. We are excited
with the prospect of enhancing Prevenio's already strong growth
profile by leveraging JBT's global customer base while also
supporting the development of its solutions for non-poultry
applications," said Paul Sternlieb,
JBT's Executive Vice President & President, Protein.
The agreed purchase price is $170
million, before customary post-closing adjustments, and the
transaction is expected to close early in the third quarter.
Prevenio expects run rate annual revenue at the end of 2021 of
approximately $50 million with EBITDA
margins accretive to JBT FoodTech's Adjusted EBITDA margins.
Including transaction-related costs and after purchase price
accounting associated with the acquisition, the transaction is
expected to have a minimal impact to GAAP earnings per share, and
be accretive to Adjusted EPS by approximately $0.03 in 2021. In 2022, Prevenio is expected to
be accretive to GAAP and Adjusted EPS by approximately $0.10.
More information about Prevenio can be found at
www.prevenio.com.
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 6,200 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.
Forward-looking statements include, among others, the ability to
complete the acquisition on favorable terms, if at all, and general
market conditions (including the COVID-19 pandemic and
related economic impact) which might affect the acquisition. The
factors that could cause our actual results to differ materially
from expectations include but are not limited to the following
factors: the duration of the COVID-19 pandemic and the
effects of the pandemic on our ability to operate our business and
facilities, on our customers, on our supply chains and on the
economy generally; fluctuations in our financial results;
unanticipated delays or acceleration in our sales cycles;
deterioration of economic conditions; disruptions in the political,
regulatory, economic and social conditions of the countries in
which we conduct business; changes to trade regulation, quotas,
duties or tariffs; risks associated with acquisitions; effects of
the U.K.'s exit from the E.U.; fluctuations in currency exchange
rates; difficulty in implementing our business strategies;
increases in energy or raw material prices, freight costs, and lack
of availability of raw materials driven by supply chain delays and
inflationary pressures; changes in food consumption patterns;
impacts of pandemic illnesses, food borne illnesses and diseases to
various agricultural products; weather conditions and natural
disasters; impact of climate change and environmental protection
initiatives; our ability to comply with the laws and regulations
governing our U.S. government contracts; acts of terrorism or war;
termination or loss of major customer contracts and risks
associated with fixed-price contracts; customer sourcing
initiatives; competition and innovation in our industries; our
ability to develop and introduce new or enhanced products and
services and keep pace with technological developments; difficulty
in developing, preserving and protecting our intellectual property
or defending claims of infringement; catastrophic loss at any of
our facilities and business continuity of our information systems;
cyber-security risks; loss of key management and other personnel;
potential liability arising out of the installation or use of our
systems; our ability to comply with U.S. and international laws
governing our operations and industries; increases in tax
liabilities; work stoppages; fluctuations in interest rates and
returns on pension assets; availability of and access to financial
and other resources; and other factors described under the captions
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in the Company's
most recent Annual Report on Form 10-K filed with the
Securities and Exchange Commission. In addition, many of our risks
and uncertainties are currently amplified by and will continue to
be amplified by the COVID-19 pandemic. Given the highly
fluid nature of the COVID-19 pandemic, it is not possible
to predict all such risks and uncertainties. The Company cautions
shareholders and prospective investors that actual results may
differ materially from those indicated by the forward-looking
statements. The Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future developments, subsequent events or changes
in circumstances or otherwise.
Investors &
Media:
|
Megan
Rattigan
|
+1 312 861
6048
|
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SOURCE JBT Corporation