Corporate Development

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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 systems.

Global category leaders in food production equipment

  • Poultry and meat production
  • Blended value-added vegetable, fruit juice and dairy products
  • Food and beverage preservation
  • Global reputation for process knowledge & expertise

We are building One JBT, unified across every corner of the company around driving sustained, significant growth by building upon JBT food equipment solutions and service leadership. 

Our 2019 Elevate Objectives

  • $1.7–1.8B in sales; >11% operating income margin; solid cash conversion
  • Leading food equipment solutions provider
  • Sustained capability to grow organically & meaningfully through acquisitions
  • Clear capital allocation priorities & investor messaging
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  • Kedric Meredith
    Vice President, Corporate Development


    Chris Allen
    Associate, Corp Development & Investor Relations
    chris.allen@jbtc.com
    +1 312 861 5789

    Our Recent Acquisitions:

    Acquired July 2018

     

     

    FTNON adds a market leader that provides equipment and turnkey solutions for the fresh-cut industry with additional strength in robotic solutions and thermal processing

    Strategic Fit / Rationale

    • Strengthens position with existing customer base by extending solutions for fresh produce, ready meals and pet food segments
    • Provides a market leading position in fresh-cut in Europe and the US, with room to grow in other markets
    • Opportunity to leverage JBT’s global sales network & field service operation to grow FTNON globally

    Overview 

    • Headquartered in Almelo, The Netherlands
    • Purchase price €32 million
    • Projected annual revenue of ~$30 million
    • Develops and produces food processing equipment for the food industry worldwide. The company’s products cover various processes, such as pre-processing; slicing; washing; drying; mixing; blanching, steaming and cooking.
    • Expected earnings per share accretion of $0.03 - $0.05 in 2019, and $0.05- $0.07 per share in 2020

    Acquired January 2018

     

     

    Schröder brings to JBT complementary protein processing equipment which JBT Wolf-tec has successfully distributed for many years

    Strategic Fit / Rationale 

    • JBT Wolf-tec has partnered with Schröder, a recognized industry leader in protein injection technology, to sell its equipment and aftermarket parts and service in North and South America for more than 30 years
    • Opportunity to build on Schröder’s presence in the Americas and Europe, while also globalizing its product portfolio 

    Overview

    • Headquartered in Werther, Germany
    • Designs, manufactures and services protein processing equipment, including marinating, pickling, massaging, tumbling, post-injection, macerating, tenderizing, brine making and stuffing equipment

    Acquired July 2017

     

     

    PLF adds a market leader in powdered filling solutions that gives us a new capability in the high-value part of the packaging line, and complements our strength in Liquid Foods filling and closing

    Strategic Fit / Rationale 

    • Strengthens position with existing customer base by providing complete solution
    • Opportunity to leverage JBT’s global sales network & field service operation to grow PLF globally
    • Further strengthens JBT’s presence in attractive growth markets, including infant formula

    Overview
    • Located in Harwich (Essex), England
    • Purchase price £28 million
    • Projected annual revenue of ~$25 million
    • Expected earnings per share accretion of $0.03 - $0.05 in 2018, and $0.06 - $0.08 per share in 2019
    • Projected cash ROIC in double digits by 2019

    Acquired February 2017

     

     

    PLF adds a market leader in powdered filling solutions that gives us a new capability in the high-value part of the packaging line, and complements our strength in Liquid Foods filling and closing

    Strategic Fit / Rationale

    • Strengthens position with existing customer base by providing complete solution
    • Opportunity to leverage JBT’s global sales network & field service operation to grow PLF globally
    • Further strengthens JBT’s presence in attractive growth markets, including infant formula

    Overview 

    • Located in Harwich (Essex), England
    • Purchase price £28 million
    • Projected annual revenue of ~$25 million
    • Expected earnings per share accretion of $0.03 - $0.05 in 2018, and $0.06 - $0.08 per share in 2019
    • Projected cash ROIC in double digits by 2019

    Acquired October 2016

     

     

    Tipper Tie significantly expands JBT’s protein platform with the addition of engineered production and packaging solutions, and related consumables and aftermarket parts sales

    Strategic Fit / Rationale

    • Opportunity to significantly expand protein platform to include production & packaging solutions with recognized global technology and strong brand presence
    • Strong customer relationships in US and Europe expands on JBT’s global presence; opportunity to grow in Asia and Latin America
    • Large installed equipment base generates high recurring revenues from consumables and aftermarket parts sales

    Overview

    • Headquartered in Apex, NC
    • Produces clipping, netting, bagging, and hanging systems and associated consumables, with focus on proteins
    • Purchase price $160 million; annual revenue of ~$90 million
    • Expected earnings per share accretion of $0.08 - $0.12 ($0.07 - $0.11)* in 2017, and $0.23 - $0.28 ($0.21 - $0.26)* per share in 2018

    * Updated EPS forecast as calculated based on updated share count from equity offering in March of 2017

    Acquired September 2016

     

     

    C.A.T.’s line of chillers, injection, marination, weighing, freezing, and refrigeration systems provides a highly complementary lineup to JBT’s core offerings

    Strategic Fit / Rationale

    • Enhances JBT’s presence in primary and secondary protein production
    • Brings deep technical knowledge, an excellent reputation, and strong relationships within the poultry industry
    • Opportunity to leverage JBT’s global sales network

    Overview 
    • Located in Russellville, AR 
    • Purchase price $90 millio
    • Annnual revenue of approximately $50 million
    • Expected earnings per share accretion of $0.05 - $0.10 ($0.04 - $0.09)* in 2017, and $0.15 - $0.20 ($0.13 - $0.18)* per share in 2018

    * Updated EPS forecast as calculated based on updated share count from equity offering in March of 2017

    Acquired February 2016

     

     

    Advanced X-ray food inspection technology will be integrated into JBT’s Protein and Liquid Foods system offerings, providing greater value to customers.

    Strategic Fit / Rationale

    • Customers seek a contamination detection system that helps ensure food safety
    • X-ray inspection systems offer significant food safety advantages over traditional metal detectors, and can identify wide range of metallic and non-metallic food contaminants
    • Novus technology is recognized for having an attractive combination of detection capability, ease of software use and reliability

    Overview
    • Located in Blue Bell, PA
    • Produces advanced X-ray food inspection systems that can identify wide range of metallic and non-metallic food contaminants in protein and liquid food applications

    Acquired October 2015

     

     

    Addition of A&B’s secondary production capabilities and technologies greatly complements JBT’s strength in Liquid Foods primary production, and unlocks opportunity to provide complete solutions to customers.

    Strategic Fit / Rationale

    • Strengthens position with existing customer base by providing complete solution
    • A&B has a well established field service operation that will strengthen JBT’s installation and aftermarket business
    • Opportunity to leverage JBT’s global sales network and improve margins by deploying JEM initiatives

    Overview
    • Located in Stratford, WI 
    • Purchase price $102 million
    • Projected FY 2016 revenue and EBITDA of ~$100 million and $14 million, respectively
    • Expected earnings per share accretion of $0.10 - $0.15 in 2016, and $0.20 - $0.25 ($0.18 - $0.23)* per share in 2017
    • Projected cash ROIC in double digits by 2017

    * Updated EPS forecast as calculated based on updated share count from equity offering in March of 2017

    Acquired July 2015

     

     

    Acquisition adds complementary aseptic and thermal processing, and filling technologies to JBT’s Liquid Foods product portfolio.

    Strategic Fit / Rationale

    • Expands JBT’s liquid foods secondary presence as related to aseptic production and filling across juice, dairy and blended juice/dairy
    • Opportunity to globalize business, integrating with JBT sales network, manufacturing and technical teams

    Overview
    • Located in Amsterdam, The Netherlands
    • Global dairy, juice and blended dairy-juice categories expected to grow rapidly
    • Purchase price €47 million (~$52 million)
    • Annual revenue of ~$70 million
    • Expected earnings per share accretion of $0.05 in 2016, and $0.10 - $0.15 ($0.09 - $0.14)* per share in 2017

    * Updated EPS forecast as calculated based on updated share count from equity offering in March of 2017

    Acquired December 2014

     

     

    Wolf-tec brings innovative technologies and leadership in protein production to the JBT portfolio, expanding the Company’s presence in the poultry, beef, pork and seafood markets.

    Strategic Fit / Rationale 

    • Provides JBT further entry into beef, pork, and seafood production markets 
    • Expands portfolio of protein production equipment and solutions
    • New state-of-the-art manufacturing facility adds capacity

    Overview
    • Located in Kingston, NY
    • Produces equipment focused on ingredient preparation, blending, injection, marinating, massaging and portioning
    • Purchase price $54 million

    Acquired July 2014

     

    The acquisition of this high-capacity food preservation equipment manufacturer added depth to JBT sterilization capabilities in liquid foods production.

    Strategic Fit / Rationale

    • Adds complementary hydromatic continuous sterilizer to JBT’s existing product portfolio
    • Expands portfolio of liquid foods production equipment

    Overview
    • Located in Amsterdam, The Netherlands and Gainesville, GA
    • Worldwide leader in the engineering, installation and servicing of high-capacity food preservation equipment
    • Purchase price €26 million (~$34 million)

    Acquired January 2014

     

     

    Acquiring this Sweden-based niche leader deepened JBT’s presence in protein production, adding innovative cooker products and services to the portfolio.

    Strategic Fit / Rationale

    • Provides customers with additional options for integrated in-line production operations
    • Expands portfolio of protein production equipment and solutions

    Overview
    • Based in Helsingborg, Sweden
    • Long-established manufacturer of Teflon contact and combination cookers
    • Leading product is a double-sided contact cooker, designed to cook thinner products with flat surfaces
    • Purchase price $2 million