JBT Acquires Germany-Based Food Processing Machinery Maker Alco

  • John Bean Technologies Corp JBT has acquired Alco-food-machines GmbH & Co. KG, a further food processing solutions and production lines provider, for undisclosed financial terms.
  • Alco was founded in Bad Iburg, Germany, in 1977 based on the idea of Heinz and Gertrud Algra to make the best machines in the industry, which produces everything from noodle sauces and pizza to convenience and snack foods.
  • Alco expects FY22 revenue of ~$35 million with EBITDA margins in the low double digits before synergies.
  • "The acquisition of Alco complements and expands our product offering in further processing, in particular, expanding our offering in convenience meal lines as well as alternative and plant-based protein technology," stated Bob Petrie, EVP, and President, Protein.
  • Alco also further strengthens JBT's presence and capabilities in the German market.
  • JBT expects the transaction to be slightly dilutive to FY22 GAAP EPS but $0.02 accretive on an adjusted basis.
  • JBT held cash and equivalents of $84.2 million as of March 31, 2022.
  • Price Action: JBT shares are trading higher by 0.08% at $110.51 on the last check Friday.
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