JBT Corporation, a global technology solutions provider to high-value segments of the food & beverage industry, announced today it has purchased FTNON, a leading provider of equipment and solutions for the fresh produce, ready meals, and pet food industries. The purchase price is €32 million, before customary post-closing adjustments. Privately held FTNON is headquartered in Almelo, The Netherlands.
"FTNON provides us entry into the fresh cut equipment market, tapping the rapidly expanding demand for ready-to-eat fresh produce," said Tom Giacomini, Chairman, President and Chief Executive Officer. "It also brings robotic technology for cutting, coring, and peeling fruits and vegetables – a valuable capability that reduces customers' labor requirements. As part of JBT, we foresee opportunities to expand FTNON's global penetration, grow its aftermarket business, and enhance profitability."
The acquisition of FTNON adds annual revenue of approximately $30 million to JBT's FoodTech business. Transaction costs and purchase price accounting associated with the acquisition are expected to more than offset earnings generated under JBT ownership in 2018, with a negative impact of approximately $0.07 per share. The Company anticipates earnings accretion of $0.03 - $0.05 per share for 2019 and $0.05 - $0.07 per share for 2020.
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Email: jeff.scipta@jbtc.com