JBT Corp. (JBT) Announces Completion of $160M Tipper Tie Acquisition (DOV)
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JBT Corporation (NYSE: JBT) announced the completion of its previously disclosed agreement to purchase Tipper Tie. The agreement to acquire the company was announced on October 3, 2016. The purchase price was $160 million, before customary post-closing adjustments.
The acquisition of Tipper Tie contributes annual revenue of approximately $90 million and a highly complementary line of engineered production and packaging solutions. The company also brings a large installed equipment base that generates high recurring revenues from consumables and aftermarket parts sales.
JBT expects transaction costs and purchase price accounting associated with the acquisition to result in a $0.03 - $0.05 per share negative impact in the fourth quarter of 2016. In 2017, the Company expects Tipper Tie to contribute $0.08 - $0.12 per share to earnings, inclusive of the impact of continuing purchase price accounting and integration costs. In 2018, the Company anticipates earnings accretion associated with the acquisition of $0.23 - $0.28 per share.
Additional information on JBT's Next Level acquisition strategy can be found at the Investor Relations link on the Company website at http://ir.jbtcorporation.com.
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