Chicago-based JBT Corp. acquired the shares of A&B Process Systems, a Stratford, Wis.-based provider of processing systems for the beverage and food industries, for $102 million. The transaction is expected to close in the fourth quarter of 2015.
A&B specializes in the design, manufacturing, automation and installation of liquid foods turnkey production systems. The addition of A&B's processing capabilities and technologies, along with JBT's recent acquisition of Stork Food & Dairy Systems, greatly strengthens its liquid foods portfolio and ability to provide complete solutions. A&B also brings a large field service operation that will strengthen JBT's installation and aftermarket business. At the same time, JBT will leverage its global sales network to expand the geographic reach of A&B's portfolio, which is currently limited to the United States and Canada.
"We are very pleased to welcome A&B to the JBT team, bringing with it a rich history of serving the food processing industry for more than 40 years,” says Tom Giacomini, JBT's chairman, president and CEO. “This transaction—like the four companies we acquired over the past year and a half [including ICS Solutions and Wolftec, Inc.]—supports our Next Level strategy of acquiring leading companies that strengthen our protein processing and liquid foods portfolios. While we have significantly exceeded our Next Level 2017 acquisition growth target, we will maintain our disciplined pursuit of strategic opportunities."