JBT Corporation has completed its acquisition of Marel, a multinational food processing company and parent of Wenger Manufacturing, creating JBT Marel Corporation. The combined company began trading on the New York Stock Exchange and Nasdaq Iceland under the ticker symbol JBTM on December 20, 2024, uniting complementary strengths to transform the food processing industry.
- JBT Corporation completed its voluntary takeover of Marel on December 20, 2024, following over a year of integration planning
- The new company, JBT Marel Corporation, trades under ticker JBTM on both the New York Stock Exchange and Nasdaq Iceland
- The merger combines JBT's food and beverage technology solutions with Marel's processing equipment and Wenger Manufacturing's pet food extrusion and drying systems
- Leadership includes CEO Brian Deck and President Árni Sigurdsson, with a board of directors featuring both new and retained members from both organizations
- Wenger Manufacturing, acquired by Marel in 2022, specializes in commercial extrusion cooking, drying systems, and ancillary equipment for pet food production
JBT Corporation, a global technology solutions provider in the food and beverage industry based in Chicago, Illinois, U.S., has completed its acquisition of Marel, a multi-national food processing company headquartered in Garðabær, Iceland, and parent company to Wenger Manufacturing, which is based in Sabetha, Kansas, U.S.
JBT Marel Corporation has officially completed the settlement of its voluntary takeover of Marel following the expiration of its offer on December 20, 2024. The combined company’s shares began trading under the ticker symbol “JBTM” on both the New York Stock Exchange and Nasdaq Iceland.
“Today is a significant achievement, culminating in over a year of dedicated effort to combine the complementary strengths of both JBT and Marel,” said Brian Deck, CEO of JBT Marel Corporation. “The creation of JBT Marel Corporation is guided by our shared purpose, to transform the future of food.”
Árni Sigurdsson, JBT Marel's president, added, “As we move forward, united as JBT Marel, we are focused on integrating the businesses to deliver continuity and enhanced value to our global customers, shareholders, and other stakeholders.”
In addition to Deck and Sigurdsson, the management team includes leaders from both companies. The board of directors will continue to include Alan Feldman as chairman, Barbara Brasier, Deck, Charles Harrington, Lawrence Jackson and Polly Kawalek. Newly appointed directors include Svafa Grönfeldt, Olafur Gudmundsson, Arnar Þór Másson, and Ann Savage. Additionally, C. Maury Devine, former JBT board member, has chosen to retire.
JBT Pet Food Technology offers end-to-end systems for efficiently producing safe, high-quality wet, dry, fresh, frozen, raw or canned cat and dog foods. Marel acquired Wenger Manufacturing in 2022 and provides equipment, software and services for pet food and pet treat producers. According to Petfood Industry's supplier database, Wenger specializes in the process, design and manufacture of state-of-the-art commercial extrusion cooking and drying systems. It offers a broad range of twin and single screw extruders along with high efficiency horizontal and counterflow dryers. Additional ancillary equipment and services include enrobing, cooling, automated process controls, product development and process consulting.
Adapted from a press release.
