JBT to acquire A&B Process Systems shares for $102m

JBT Corporation has signed a definitive agreement to purchase the shares of food processing system provider A&B Process Systems.

Valued at $102m, the new deal is expected to close in the fourth quarter of 2015.

JBT chairman, president and CEO Tom Giacomini said: "We are very pleased to welcome A&B to the JBT team, bringing with it a rich history of serving the food processing industry for more than 40 years.

"This transaction, like the four companies we acquired over the past year and a half, supports our Next Level strategy of acquiring leading companies that strengthen our protein processing and liquid food portfolios."

Based at Stratford, A&B covers the design, manufacturing, automation and installation of liquid food turnkey production systems.

The new capabilities, along with JBT’s newly acquired Stork Food & Dairy Systems, will allow JBT to enhance its liquid foods portfolio.

JBT designs, manufactures, tests and services technologically sophisticated systems and products for regional and multi-national industrial food processing customers.

In addition, JBT will leverage its global sales network in order to expand the geographic reach of A&B’s portfolio, which is currently limited to the US and Canada, the company stated.

JBT expects that the acquisition will contribute $0.20 – $0.25 per share, and deliver double digit cash return on invested capital (ROIC) in 2017.

In August, JBT completed the acquisition of Stork Food & Dairy Systems shares for €4m.