JBT Corp. (JBT) to Acquire Cooling and Applied Technologies in $90M Deal
- Top 10 News for 9/26 - 9/30: Deutsche Bank Soars on Settlement; Twitter Back in the M&A Fray; Nike 'Just Didn't Do It' in Q1
- Wall Street rallies, led by Deutsche Bank, financials
- Viacom (VIAB) Forms Special Committee; Will Explore Potential Combination with CBS (CBS)
- Deutsche Bank (DB) Said Near $5.4B Settlement with U.S. - AFP
- Oil up second straight month on OPEC-fueled rally
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
JBT Corporation (NYSE: JBT) announced it has signed a definitive agreement to purchase the assets of Cooling and Applied Technologies (C.A.T.), Inc. The purchase price is $90 million, before customary post-closing adjustments. The transaction is expected to close in the fourth quarter of 2016, subject to regulatory approval and other customary closing conditions.
Located in Russellville, AR, privately held C.A.T. is a leading manufacturer of value-added food solutions, primarily for the poultry industry. Their focus on chillers, injection, marination, weighing, freezing, and refrigeration systems provides a highly complementary lineup to JBT's core offerings.
"The addition of C.A.T. enhances JBT's presence in primary and secondary protein processing and advances our strategic acquisition program in Proteins and Liquid Foods," said Tom Giacomini, JBT's Chairman, President and Chief Executive Officer. "The C.A.T. team brings deep technical knowledge, an excellent reputation, and strong relationships within the poultry industry, enhancing JBT's value proposition in the domestic market. As part of JBT, C.A.T. will access our global sales and service organization, driving geographic expansion of their technology."
"I am very excited to be joining the JBT Team," said C.A.T. co-owner and President Barton Langley. "As part of JBT, we will continue to serve our loyal customers with expanded capabilities and innovative solutions."
Further details on the financial benefits of the C.A.T. acquisition will be available after the transaction closes. 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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Lexmark (LXK) Gets CFIUS Approval for Apex Tech Deal
- Altisource Portfolio Solutions (ASPS) Supportive of Altisource Residential's (RESI) Portfolio Acquisition; Offers Limited Waiver
- Altisource Residential (RESI) Announces $652M Acquisition of ~4,262 Single Family Rental Homes
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!