US-based JBT has entered a definitive agreement to purchase tray sealing technology provider Proseal UK for £220m ($285.15m).
Headquartered in Adlington, UK, Proseal also operates in Richmond, Virginia, US, as well as Melbourne, Australia.
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It offers environmentally friendly packaging solutions designed to minimise the use of plastic and reduce food waste by extending the product’s shelf life.
JBT chairman, president and CEO Tom Giacomini said: “The acquisition of Proseal represents an important expansion of JBT’s capabilities, adding significantly to our end-of-line market position and advancing our strategy of providing full-line customer solutions.
“Moreover, we believe Proseal’s technology affords growth opportunities around the globe.”
According to JBT, the deal is expected to contribute annual revenue of approximately $100m with EBITDA margins of approximately 25% before acquisition-related costs.
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By GlobalDataThe transaction is currently subject to regulatory approvals and is expected to be completed in the second quarter of this year.
JBT liquid foods executive vice-president and president Carlos Fernandez said: “Tray sealing is relevant to many of our FoodTech customers, particularly in the rapidly expanding market for convenience foods.”
JBT offers technology solutions to the food and beverage industry with a focus on proteins, liquid foods and automated system solutions. It currently employs approximately 5,900 people worldwide.
Earlier this month, JBT named Barbara L Brasier and Emmanuel Lagarrigue to its board of directors bringing the total to nine members.
