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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 (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.
JBT (NYSE: JBT) announced that it expects the Icelandic Financial Supervisory Authority to approve documents related to its voluntary takeover offer for all shares of Marel hf. (ICL: Marel). Upon approval, JBT will launch the offer and hold a joint conference call with Marel on June 20, 2024, at 10:00 AM Eastern Time to discuss the benefits of the transaction for customers and shareholders.
JBT’s CEO, Brian Deck, highlighted the complementary nature of the two companies, which serve the global food and beverage processing industry. A detailed presentation on synergy opportunities and value creation will be provided. In addition, an in-person investor meeting will be held in Iceland on June 24, 2024, with live streaming available.
JBT (NYSE: JBT) declared a quarterly cash dividend of $0.10 per share on May 10, 2024. The dividend will be payable on June 6, 2024, to stockholders of record as of May 23, 2024. JBT is a global technology solutions provider in the food & beverage industry, employing 5,100 people worldwide.
JBT reported first quarter 2024 results with revenue of $392 million, a 1% increase. Adjusted EPS increased by 39%. The company executed a transaction agreement with Marel hf., expecting annual cost synergies of over $125 million within three years. JBT plans to close the transaction with Marel by the end of 2024. Full year guidance includes solid revenue growth and margin expansion.
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