JBT Corporation Acquires Leading Liquid Foods Solutions Provider
CHICAGO –Â JBT Corporation (NYSE: JBT), a global technology solutions provider to the food processing and air transportation industries, announced today the signing of a definitive agreement to acquire the shares of Stork Food Dairy Systems B.V. ("SFDS" or the "Company"), a leading filling and sterilization solutions provider. The purchase price will be EUR47 million, before customary post-closing adjustments. The transaction is expected to close in the third quarter of 2015.
Stork Food Dairy Systems B.V., located in Amsterdam, The Netherlands, develops, produces and supplies integrated aseptic processing / sterilization and filling systems to the beverage and food processing industries. The Company specializes in extending the shelf life of packaged foods commonly found on supermarket shelves and in restaurants around the world, including white milk, flavored milk, coffee drinks, cream, yogurt, desserts, fruit juices, soups and sauces. The Company's large installed base also generates a significant level of recurring income.
"We are very excited to add complementary aseptic and thermal processing and filling technologies to JBT's Liquid Foods product portfolio," stated Steve Smith, Executive Vice President and President of JBT FoodTech. "This acquisition will significantly strengthen our ability to provide complete solutions to our customers in the global liquid foods industry. We also are very pleased to welcome the Company's employees to the JBT family."
Marc Renne, Managing Partner at Nimbus, the private equity firm that was the previous owner of Stork Food Dairy Systems B.V., noted, "I am proud that JBT, a company with a demonstrated commitment to liquid foods, has acquired SFDS. This transaction secures a strong future for the Company, which we believe is in the best interest of its customers and employees."
Tom Giacomini, JBT's Chairman, President and Chief Executive Officer added, "Stork Food Dairy Systems B.V. will be our second acquisition in the liquid foods sector, following the purchase of ICS Solutions in 2014. These two acquisitions, along with our purchase of Formcook AB and Wolf-tec, Inc., in 2014, support our Next Level strategy of acquiring leading companies that strengthen our protein processing and liquid foods portfolios."
JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to the food processing and air transportation industries. JBT Corporation designs, manufactures, tests and services technologically sophisticated systems and products for regional and multi-national industrial food processing customers through its JBT FoodTech segment and for domestic and international air transportation customers through its JBT AeroTech segment. JBT Corporation employs approximately 3,600 people worldwide and operates sales, service, manufacturing and sourcing operations located in over 25 countries. For more information, please visit www.jbtcorporation.com.
SOURCE JBT Corporation
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