JBT Corp., Chicago, signed a definitive agreement to purchase the assets of Cooling and Applied Technologies (C.A.T.), Inc. for $90 million. The transaction is expected to close in the fourth quarter of 2016.
Located in Russellville, Ark., C.A.T. is a manufacturer of value-added food solutions, such as injection, margination, weighing, freezing and refrigeration systems and chillers, primarily for the poultry industry.
"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," says Tom Giacomini, JBT's chairman, president and CEO. "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," says Barton Langley, C.A.T. co-owner and president. "As part of JBT, we will continue to serve our loyal customers with expanded capabilities and innovative solutions."