JBT Corp. (JBT) to Acquire Tipper Tie in $160M Deal (DOV)
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JBT Corporation (NYSE: JBT) announced it has signed a definitive agreement to purchase Tipper Tie, Inc. from Dover (NYSE: DOV). The purchase price is $160 million, before customary post-closing adjustments. The transaction is expected to close in the fourth quarter of 2016, subject to customary regulatory approvals.
Tipper Tie is a leading provider of engineered processing and packaging solutions, and related consumables to the food industry. The company, headquartered in Apex, North Carolina, has four manufacturing locations around the world.
"The addition of Tipper Tie expands JBT's protein platform to include complementary packaging solutions, enabling us to offer even greater value to our customers," said Tom Giacomini, JBT's Chairman, President and Chief Executive Officer. "Tipper Tie's globally recognized brand, advanced technology, and relationships with major food processors in the U.S and Europe will prove critical as we grow the company's presence in Asia and Latin America. The company also has a large installed equipment base that generates high recurring revenues from consumables and aftermarket parts sales."
Further details on the financial benefits of the Tipper Tie 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.
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