CHICAGO, Nov. 2, 2021 /PRNewswire/ -- JBT
Corporation (NYSE: JBT), a global technology solutions
provider to high-value segments of the food and beverage industry,
announced today it has acquired Urtasun Tecnología Alimentaria
S.L., a provider of fruit and vegetable processing solutions. The
company is headquartered in Navarra, Spain.
"The acquisition of Urtasun expands our product offering in
fruit and vegetable processing, particularly in the fresh packaged
and frozen markets," said Brian
Deck, President and Chief Executive Officer. "By integrating
Urtasun into FoodTech, we can leverage JBT's global sales and
service footprint to accelerate growth."
The purchase price was approximately $40
million. Urtasun expects 2021 revenue of approximately
$25 million with Adjusted EBITDA
margins in the mid to high-teens. The transaction is expected to be
approximately four cents dilutive to
2021 GAAP earnings per share and one cent dilutive on an
adjusted basis which excludes transaction-related costs and
purchase price accounting. In 2022, Urtasun is expected to be
accretive to GAAP and adjusted earnings per share by
approximately three cents.
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
JBT's ability to control. Forward-looking statements include, among
others, statements relating to the expected impact of the COVID-19
pandemic on our business and our results of operations, our plans
to mitigate the impact of the pandemic, our strategic plans, our
restructuring plans and expected cost savings from those plans, our
liquidity and our covenant compliance. 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 due to extended delivery times and
unavailability of required components and freight, on our cost of
labor due to higher labor turnover and shortage of skilled labor
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, the
unavailability of required components, 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, particularly during periods of high
inflation; 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 such as network intrusion or ransomware schemes; 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 by JBT with the Securities and Exchange
Commission and in any subsequently filed Form 10-Q. 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. JBT
cautions shareholders and prospective investors that actual results
may differ materially from those indicated by the forward-looking
statements. JBT 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: Media: Kedric
Meredith +1 312 861 6034
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SOURCE JBT Corporation