Proseal Joins the JBT Corporation Family
CHICAGO, June 3, 2019 /PRNewswire/ – JBT Corporation (NYSE: JBT), a global technology solutions provider to high-value segments of the food & beverage industry, today announced it has completed the acquisition of Proseal uk Limited, a leading provider of tray sealing technology for the food industry. Privately held Proseal is headquartered in Adlington, UK, with additional production facilities in Richmond, Virginia and Melbourne, Australia.
Tray sealing is a packaging technology used across a broad spectrum of food products, including ready meals, fresh produce, sandwiches, and proteins, that enhances freshness and flavor by sealing the product with film over a preformed tray. Proseal has been at the leading edge of developing environmentally-friendly packaging that minimizes the use of plastics while reducing food waste by extending the product's shelf life.
"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," stated Tom Giacomini, JBT's Chairman, President, and Chief Executive Officer. "Moreover, we believe Proseal's technology affords growth opportunities around the globe."
"Tray sealing is relevant to many of our FoodTech customers, particularly in the rapidly expanding market for convenience foods," said Carlos Fernandez, JBT's Executive Vice President and President, Liquid Foods.
The purchase price is £220 million, before customary post-closing adjustments.
Additional information on JBT's acquisition strategy can be found in the Featured Reports at https://www.jbtc.com/investors.