JBT Corp pens deal to take over Cooling and Applied Technologies
New York Stock Exchange-listed company JBT brokered the deal to buy the value-added meat equipment manufacturer and confirmed the news on 19 September.
While still the subject of regulatory approval in the US, JBT’s transaction is expected to be finalised in the fourth quarter of 2016.
Arkansas-located C.A.T. manufactures a range of value-added equipment solutions, primarily for the poultry sector. JBT said it was C.A.T.’s focus on chillers, injection, marination, weighing, freezing and refrigeration systems that spiked its interest in the company.
‘Excellent reputation’
“The addition of C.A.T. enhances JBT’s presence in primary and secondary protein processing and advances our strategic acquisition program in proteins and liquid foods,” said Tom Giacomini, JBT’s chairman, president and CEO in a statement.
“The C.A.T. team brings deep technical knowledge, an excellent reputation, and strong relationships within the poultry industry, enhancing JBT’s value proposition in the domestic market. As part of JBT, C.A.T. will access our global sales and service organisation, driving geographic expansion of its technology.”
The share price of JBT jumped by 2.17% on 19 September after news of the company’s planned acquisition was announced.
Further details about the benefits of the investment are not expected to be made public until the acquisition has been completed in the fourth quarter.
“I am very excited to be joining the JBT Team,” said C.A.T. co-owner and president Barton Langley. “As part of JBT, we will continue to serve our loyal customers with expanded capabilities and innovative solutions.”
JBT claims to be a “leading global technology provider” within the food and drink sector, particularly meat, liquid foods and automation. The business employs over 4,000 staff across 25 countries where it has a raft of sales, service, manufacturing and sourcing sites.
