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SOURCE JBT Corporation
CHICAGO, July 1, 2014 /PRNewswire/ -- JBT Corporation (NYSE: JBT), a leading global technology solutions provider to the food processing and air transportation industries, announced today it has purchased the ICS Solutions business from Stork Food & Dairy Systems. ICS Solutions, located in Amsterdam, The Netherlands and Gainesville, GA (U.S.A.), is a worldwide leader in the engineering, installation and servicing of high-capacity food preservation equipment.
ICS' Hydromatic® continuous sterilizer is a premier in-container system used to sterilize a broad range of foods, including beverages and dairy products. ICS enjoys a large, worldwide installed base providing a strong source of recurring revenue.
The purchase price was approximately €26 million, before customary post-closing adjustments.
"We are very excited to add the complementary Hydromatic continuous sterilizer to JBT's product portfolio of filler, seamer and in-container sterilization technologies," stated Steve Smith, Executive Vice President and President of JBT FoodTech. "With this acquisition, JBT will provide a complete range of high-capacity, in–container sterilization solutions to our customers in the growing global beverage, dairy and canning industries. In addition, we have identified and are acting on opportunities to improve operational effectiveness as well as enhance sales and service support for our customers through the combination of the businesses."
Tom Giacomini, JBT's Chairman, President and Chief Executive Officer added, "This acquisition demonstrates our commitment to expanding the liquid foods portfolio and growing our recurring revenue stream, reflecting our recently announced Next Level strategy."
JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to the food processing and air transportation industries. JBT Corporation designs, manufactures, tests and services technologically sophisticated systems and products for regional and multi-national industrial food processing customers through its JBT FoodTech segment and for domestic and international air transportation customers through its JBT AeroTech segment. JBT Corporation employs approximately 3,300 people worldwide and operates sales, service, manufacturing and sourcing operations located in over 25 countries. For more information, please visit www.jbtcorporation.com.
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company's ability to control. These risks and uncertainties are described under the caption "Risk Factors" in the Company's 2013 Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission that may be accessed on the Company's website. The Company cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements.
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