JBT acquires Prime Equipment Group in US

US-based food processing machinery manufacturer John Bean Technologies (JBT) has acquired re-use solutions provider for the poultry industry, Prime Equipment Group, for $65m.

The company intends to advance its goals to become the preferred provider of full-line solutions for poultry customers with the addition of Prime’s processing capabilities.

JBT Protein executive vice-president and president Paul Sternlieb said: “Prime’s latest technologies address pressing needs in the poultry industry in the areas of automation and water re-use which will further strengthen our customer relationships.

“Prime’s annual revenue of approximately $45m is primarily concentrated in the US, and we look forward to leveraging JBT’s global reach to accelerate the deployment of the automation and water technology for growth outside the US.”

Additionally, JBT has completed the acquisition of Proseal, which provides tray sealing technology for $280m.

JBT anticipates that the two acquisitions will add $80m to $85m of revenue this year, to be dilutive to earnings per share by $0.15 to $0.25, and accretive to adjusted earnings per share by $0.05 to $0.10, all relative to prior guidance.

The agreements include customary post-closing adjustments.

In February 2016, JBT acquired certain assets of Novus X-Ray, a provider of advanced x-ray food inspection systems.

Under the deal, JBT’s protein and liquid foods system ranges were integrated with Novus X-Ray’s technology.

JBT designs and manufactures products and systems for multi-national and regional customers through its FoodTech segment.

The company operates sales, service, manufacturing and sourcing operations in more than 25 countries.