In another pet food industry acquisition of 2018, JBT Corporation, a global technology solutions provider to high-value segments of the food and beverage industry, announced it has purchased FTNON, a provider of equipment and solutions for the fresh produce, ready meals, and pet food industries. The purchase price is EUR32 million, before customary post-closing adjustments. Privately held FTNON is headquartered in Almelo, the Netherlands.
"FTNON provides us entry into the fresh cut equipment market, tapping the rapidly expanding demand for ready-to-eat fresh produce," said Tom Giacomini, chairman, president and chief executive officer, in a press release. "It also brings robotic technology for cutting, coring, and peeling fruits and vegetables – a valuable capability that reduces customers' labor requirements. As part of JBT, we foresee opportunities to expand FTNON's global penetration, grow its aftermarket business, and enhance profitability."
The acquisition of FTNON adds annual revenue of approximately US$30 million to JBT's FoodTech business. Transaction costs and purchase price accounting associated with the acquisition are expected to more than offset earnings generated under JBT ownership in 2018, with a negative impact of approximatelyUS$0.07 per share. The company anticipates earnings accretion of US$0.03 - US$0.05 per share for 2019 and US$0.05 - US$0.07 per share for 2020.
More information about JBT
Further information on JBT's acquisition strategy can be found at the investor relations webpage.
JBT Corporation is a global technology solutions provider to high-value segments of the food and beverage industry with focus on proteins, liquid foods and automated system solutions. JBT designs, produces and services sophisticated products and systems for multi-national and regional customers through its FoodTech segment. JBT also sells critical equipment and services to domestic and international air transportation customers through its AeroTech segment. JBT Corporation employs approximately 5,800 people worldwide and operates sales, service, manufacturing and sourcing operations in more than 25 countries.