JBT Corporation acquires Alco-food-machines

CHICAGO, July 1, 2022 /PRNewswire/ — JBT Corporation (NYSE: JBT), a global provider of technology solutions for high-value segments of the food and beverage industry, today announced the acquisition of Alco-food-machines GmbH & Co. KG (Alco ), a leading supplier of supplemental food processing solutions and production lines.

“Alco has been a family business for generations and over time has built an excellent reputation in the market as a leading provider of post-processing technology solutions with strong ties in the DACH region,” said Brian Deck, President and CEO. “Alco represents the perfect fit for JBT, where our brand family approach and broad food and beverage platform offer a compelling succession opportunity for businesses with industry-leading expertise in technology and food.

“The acquisition of Alco complements and expands our product offering in the further processing space, in particular expanding our offering in ready meal lines as well as alternative and plant-based protein technology,” said declared Bob Petrie, Executive Vice President and President, Proteins. “Bringing our businesses and technologies together supports our vision to be our customers’ preferred solutions partner, backed by unparalleled application expertise and best-in-class local service support. Alco is also strengthening our presence and capabilities in the important German market,” added Pétrie.

Alco was founded in Bad Iburg, Germany in 1977 based on the idea of Heinz and Gertrude Algra to make the best machines in the industry, which today produce everything from noodle sauces and pizzas to ready meals and snacks. “JBT has always been considered a leader in food processing, and its approach to preserving the Alco brand and continuing the family legacy of technology and service was of the utmost importance in finding the right partner for acquire the business,” said Isabelle Kleine-Ausberg, former shareholder of Alco. “We are excited about the possibilities of Alco’s next phase of growth,” added Thomas Kleine-Ausberg, Chief Executive Officer.

Alco expects 2022 revenue of approximately $35 million with EBITDA margins below double digits before synergies. The transaction is expected to have a slightly dilutive effect on GAAP 2022 earnings per share, but approximately two cents accretive on an adjusted basis, which excludes transaction-related costs and purchase price recognition. The purchase price has not been disclosed.

JBT Corporation (NYSE: JBT) is a leading global provider of technology solutions for high-value segments of the food and beverage industry, with a focus on protein, liquid foods and automated system solutions. JBT designs, produces and services sophisticated products and systems for multinational and regional customers through its FoodTech segment. JBT also sells essential equipment and services to domestic and international air transport customers through its AeroTech segment. JBT Corporation employs approximately 6,800 people worldwide and operates sales, service, manufacturing and supply operations in more than 25 countries. For more information, 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 non-historical in nature and are subject to risks and uncertainties beyond JBT’s control. Forward-looking statements include, among other things, statements relating to the expected impact of the COVID-19 pandemic on our business and results of operations, our plans to mitigate the impact of the pandemic, our strategic plans, our restructuring plans and expected costs, the savings realized from these plans, our liquidity and our compliance with debt covenants. 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 our facilities, on our customers, on our workforce resulting in increased workforce absenteeism, on our supply chains due to extended delivery times and unavailability of components and freight required, on our labor costs due to higher labor turnover and shortages of skilled labor and on the economy generally; fluctuations in our financial results; unexpected delays or acceleration of our sales cycles; deterioration of economic conditions; disruptions to political, regulatory, economic and social conditions in the countries in which we operate; changes in trade regulations, quotas, duties or tariffs; risks associated with strategic acquisitions or investments; exchange rate fluctuations; increases in energy or commodity prices, transportation costs and inflationary pressures; changes in food consumption habits; impacts of pandemic diseases, food-borne illnesses and diseases on various agricultural products; weather conditions and natural disasters; the impact of climate change and environmental protection initiatives; our ability to comply with laws and regulations governing our contracts with the US government; acts of terrorism or war, including the recent conflict between Russia and Ukraine; the termination or loss of significant customer contracts and the risks associated with fixed price contracts, particularly in times of high inflation; customer research initiatives; competition and innovation in our industries; difficulty in executing our business strategies, including the timing of our previously announced review of strategic alternatives for the AeroTech platform, our ability to identify or develop strategic alternatives, execute the material aspects of those strategic alternatives and whether we can obtain the potential benefits of such strategic alternatives. our ability to develop and introduce new or improved products and services and keep pace with technological developments; difficulty developing, preserving and protecting our intellectual property or defending infringement claims; catastrophic loss at any of our facilities and business continuity of our information systems; cybersecurity risks such as network intrusions or ransomware systems; loss of key management and other personnel; potential liability arising from the installation or use of our systems; our ability to comply with US 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 headings “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 of the Securities and Exchange Commission and in any subsequent reports. filed Form 10-Q. Additionally, many of our risks and uncertainties are currently magnified by the COVID-19 pandemic and will continue to be. Given the very fluid nature of the COVID-19 pandemic, it is not possible to foresee all of these risks and uncertainties. JBT cautions shareholders and potential investors that actual results may differ materially from those indicated by 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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SOURCEJBT Corporation

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