JBT Corp. (JBT) Completes $90M C.A.T. Acquisition
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JBT Corporation (NYSE: JBT) announced the completion of its previously disclosed agreement to purchase the assets of Cooling and Applied Technologies (C.A.T.), Inc. The agreement to purchase the assets was announced on September 19, 2016. The purchase price was $90 million, before customary post-closing adjustments.
The acquisition of C.A.T. adds annual revenue of approximately $50 million and a highly complementary product line focused on chillers, injection, marination, weighing, freezing, and refrigeration systems for the poultry industry.
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 C.A.T to contribute $0.05 - $0.10 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 $0.15 - $0.20 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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