JBT Corporation Announces Acquisition of Leading Juice and Dairy Solutions Provider
JBT Corporation, a global technology solutions provider to the food processing industry, has announced an agreement to acquire Stork Food & Dairy Systems, a major European filling and sterilization solutions specialist.
The company specializes in extending the shelf life of packaged foods commonly found on supermarket shelves and in restaurants around the world, including standard and flavored milk, coffee drinks, cream, yogurt, desserts, fruit juices, soups and sauces.
Steve Smith, Executive Vice President and President of JBT FoodTech, said the acquisition represented a unique opportunity to combine Stork Food & Dairy Systems’ 100+ years of expertise in the juice and dairy segment with JBT’s Liquid Foods product portfolio. He said: “We are very excited to add complementary aseptic and thermal processing and filling technologies to JBT’s Liquid Foods product portfolio.
“This acquisition will significantly strengthen our ability to provide complete solutions to our customers in the global liquid foods industry. We also are very pleased to welcome Stork Food & Dairy Systems employees to the JBT family.”
Marc Renne, Managing Partner at Nimbus, the private equity firm that was the previous owner of Stork Food & Dairy Systems B.V., said Stork Food & Dairy Systems would be able to benefit from JBT’s extensive global sales and service network to continue to grow. He said: “I am proud that JBT, a company with a demonstrated commitment to liquid foods, has acquired Stork Food & Dairy Systems. This transaction secures a strong future for the company, which we believe is in the best interest of its customers and employees.”
Tom Giacomini, JBT's Chairman, President and Chief Executive Officer added: “Stork Food & Dairy Systems B.V. will be our second acquisition in the liquid foods sector, following the purchase of ICS Solutions in 2014.
“These two acquisitions, along with our purchase of Formcook AB and Wolf-tec, Inc., in 2014, support our Next Level strategy of acquiring leading companies that strengthen our protein processing and liquid foods portfolios.”
The purchase price for Stork Food & Dairy Systems will be €47 million, before customary post-closing adjustments. The transaction is expected to close in the third quarter of 2015.
Source: JBT Corporation
