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John Bean Technologies Corporation (JBT) is a recognized leader in the food processing solutions sector. With a primary focus on creating integrated systems, JBT enhances the value and quality of food products through innovative technology. The company’s offerings span from single machines to comprehensive processing lines, catering to both multinational and regional industrial food processing companies.
JBT's FoodTech solutions encompass a wide range of applications, including:
- Freezer Solutions: Advanced freezing and chilling systems for a variety of products such as meat, seafood, poultry, ready-to-eat meals, fruits, vegetables, dairy, and bakery items.
- Protein Processing Solutions: Equipment for portioning, coating, frying, and cooking poultry, meat, seafood, vegetable, and bakery products, ensuring optimal quality and taste.
- In-Container Processing Solutions: Systems for filling, closing, and sterilizing fruits, vegetables, soups, sauces, dairy, and pet food products, as well as ready-to-eat meals in modern packaging formats.
- Fruit and Juice Processing Solutions: Technology for extracting, concentrating, and aseptically processing citrus, tomato, and other fruits, vegetables, and juices.
- Automatic Guided Vehicles (AGVs): Advanced automated systems for material handling and transportation within industrial environments.
JBT has been a pivotal player in the food and beverage industry, offering both customized and turnkey solutions that address the evolving needs of its clients. The company continues to innovate and expand its portfolio with recent projects and partnerships aimed at enhancing food safety, efficiency, and sustainability.
Financially, JBT has demonstrated robust performance with steady growth, driven by its commitment to research and development, customer service, and operational excellence. The company’s latest initiatives and technological advancements position it as a key contributor to the global food processing industry.
For the latest updates and news on JBT, including recent achievements and ongoing projects, visit our Latest News section below.
JBT announced an extension of its voluntary takeover offer for Marel hf. shares to accommodate regulatory reviews by the European Commission (E.C.) and Australian Competition and Consumer Commission (ACCC). The offer expiration has been extended from November 11 to December 20, 2024. JBT expects E.C. regulatory approval by late November following a 25-day Phase 1 review ending November 28. The company aims to receive ACCC approval in a similar timeframe. Settlement is expected by January 3, 2025, provided JBT achieves at least 90% acceptance of Marel shares.
JBT (NYSE: JBT) reported strong third quarter 2024 results, with revenue increasing 12% to $454 million. Income from continuing operations rose 23% to $38 million, while adjusted EBITDA grew 23% to $82 million. Earnings per share (EPS) increased 22% to $1.18, and adjusted EPS rose 35% to $1.50.
The company reiterated its full-year 2024 guidance for revenue ($1,715 - $1,750 million), adjusted EBITDA ($295 - $305 million), and adjusted EPS ($5.05 - $5.35). JBT also secured commitments for its deal-contingent financing structure for the Marel acquisition, including a $1.8 billion revolving credit facility and a $900 million Senior Secured Term Loan B. The company expects to complete the combination with Marel around the end of 2024.
JBT (NYSE: JBT) has announced its schedule for the release of third quarter 2024 financial results. The company will report its earnings after the market closes on Tuesday, October 22, 2024. A conference call is scheduled for 10:00 AM ET on Wednesday, October 23, 2024.
Participants are required to register in advance for the conference call, after which they will receive dial-in information and unique credentials to access the event. A simultaneous webcast will be available for listen-only mode, with replay options available shortly after the call ends. This information can also be accessed on JBT's investor relations website.
JBT is a leading global technology solutions provider to high-value segments of the food & beverage industry. The company designs, produces, and services sophisticated products and systems for various end markets, with approximately half of its annual revenue coming from recurring operations.
JBT has announced an extension of its voluntary takeover offer for all shares of Marel hf., granted by the Financial Supervisory Authority of Iceland. The offer, initially set to expire on September 2, 2024, will now expire on November 11, 2024, or three weeks after securing all required regulatory approvals. This extension allows JBT and Marel to continue pursuing necessary regulatory clearances to close the transaction.
Brian Deck, President and CEO of JBT, stated that the extension aligns with their expected timeline to complete the remaining steps and close the transaction by year-end 2024. Shareholders who have already tendered their Marel shares do not need to take any further action. JBT will issue a press release once all required regulatory clearances are obtained.
JBT (NYSE: JBT) has declared a quarterly cash dividend of $0.10 per share of outstanding common stock. The dividend will be payable on September 3, 2024, to stockholders of record at the close of business on August 19, 2024. JBT is a leading global technology solutions provider to high-value segments of the food & beverage industry, designing, producing, and servicing sophisticated products and systems for various end markets. The company generates approximately half of its annual revenue from recurring parts, service, rebuilds, and leasing operations. JBT employs around 5,100 people worldwide and operates in more than 25 countries.
JBT (NYSE: JBT) announced that its shareholders have approved the issuance of shares for the pending combination with Marel hf. (ICL: Marel) at a special meeting. Over 99% of the shares voted were in favor of the transaction. This approval marks a significant milestone in combining the two complementary food and beverage solutions businesses.
The companies are making progress on other closing requirements, including regulatory filings in all relevant jurisdictions. The voluntary takeover offer for Marel shares will expire on September 2, 2024, unless extended. JBT is also working on a secondary listing application for Nasdaq Iceland. The transaction is expected to close by year-end 2024.
JBT (NYSE: JBT) reported its Q2 2024 results and updated full-year guidance. Key highlights include:
- Strong orders of $437 million, close to all-time record
- Revenue of $402 million, down 6% year-over-year
- Income from continuing operations of $31 million, up 8%
- Adjusted EPS of $1.05, up 8%
- Full-year 2024 revenue growth guidance updated to 3-5%
- Formal voluntary takeover offer issued for Marel hf. combination
JBT expects double-digit revenue growth in Q3 and Q4. The company updated its 2024 outlook, narrowing adjusted EBITDA and EPS guidance. JBT anticipates $40 million in pre-closing M&A costs related to the Marel combination, with plans for transaction close by year-end 2024.
JBT (NYSE: JBT) has announced its schedule for the second quarter 2024 earnings release and conference call. The company will report its financial results after market close on Tuesday, July 30, 2024. A conference call is scheduled for 11:00 a.m. ET on Wednesday, July 31, 2024. Participants are required to register in advance to join the conference call and will receive dial-in information upon registration. A simultaneous webcast will be available for listen-only mode, with a replay accessible shortly after the call ends.
JBT is a leading global technology solutions provider to high-value segments of the food & beverage industry. The company designs, produces, and services sophisticated products and systems for various end markets, with approximately half of its annual revenue coming from recurring parts, service, rebuilds, and leasing operations. JBT employs around 5,100 people worldwide and operates in more than 25 countries.
JBT (NYSE: JBT), a global technology solutions provider for the food and beverage industry, has published its 2023 Environmental, Social, and Governance (ESG) Report titled “Fortify the Future of Food.”
The report highlights JBT's achievements in employee health and safety, fostering diversity and inclusion, and partnering with customers to enhance resource optimization. In 2023, over 70% of JBT’s product revenue came from equipment with environmental benefits, including the OmniBlu™ platform which combines machine learning and AI for production efficiency and sustainability.
JBT's workforce of over 5,100 employees is supported through a focus on Diversity, Equity, Inclusion, and Belonging (DEIB). The company reported an 11% reduction in Scope 1 and 2 emissions and a 12% reduction in water withdrawal. Additionally, more than 8.4 million pounds were diverted from landfills, achieving a 69% landfill diversion rate.
For more details on JBT’s ESG efforts, visit their website.
JBT (NYSE: JBT) has received approval from Iceland's Financial Supervisory Authority for its voluntary takeover offer of Marel hf. (ICL: Marel). The offer will be launched on June 24, 2024, giving Marel shareholders the option to receive cash, JBT stock, or a combination of both. The total consideration is approximately €950 million in cash and 38% ownership in the merged entity. The combined company, JBT Marel , will be headquartered in Chicago, with a European headquarters in Gardabaer, Iceland. Regulatory clearances and shareholder approvals are required for the transaction, expected to close by year-end 2024. An investor meeting will be held in Iceland on June 24, 2024, with a live stream available online.
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