USA – JBT Corporation, global technology solutions provider to high-value segments of the food & beverage industry has announced that it has completed two acquisitions, including Proseal UK Limited.
The company said it has also completed acquisition of Columbus, Ohio based manufacturer of turnkey primary and water re-use solutions to the poultry industry, Prime Equipment Group, Inc.
JBT announced intent to acquire Proseal UK, a leading provider of tray sealing technology in April in a deal valued at US$280 million.
Headquartered in Adlington, UK, Proseal manufactures manual, semi-automatic, and fully automatic tray sealing machines for the food and pharmaceutical industries and has additional production facilities in Richmond, Virginia and Melbourne, Australia.
The purchase price for Prime is US$65 million, with both transactions including customary post-closing adjustments.
It offers turkey processing equipment comprising slaughtering, evisceration, and water filtration and reuse systems; cut-up systems; breast deboning systems; prime skinning equipment; and material handling systems.
“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,” said 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.”
According to JBT, the Prime deal will help provide solutions in the poultry industry in the areas of automation and water re-use, thus strengthening its customer relationships.
Prime boasts of approximately US$45 million in revenues, and JBT hopes to leverage its automation and water technology expertise to expand outside the US.
According to JBT, the acquisitions are expected to add revenue of US$80 – 85 million in the year 2019.
In 2020, the acquisitions are expected to collectively contribute US$140 – 150 million in revenue, and to be accretive to earnings per share by $0.10 – $0.15, said the company.