CTB acquiring majority share in Cabinplant
The acquisition of the Danish processing equipment provider fits well with CTB’s approach to its core markets
CTB, Inc., has announced that an agreement has been signed for the acquisition of a majority share in Cabinplant A/S, a world-leading provider of tailor-made processing solutions for the food industry. The company has its headquarters in Haarby, Denmark, west of Copenhagen, as well as having subsidiaries in Poland, Germany, Spain and the United States. Terms of the transaction were not disclosed.
Cabinplant’s main focus areas are within the fish and shellfish, fruit and vegetable, and poultry markets. The company’s processing and weighing equipment is used in a wide range of businesses. Cabinplant’s poultry processing equipment complements that made by CTB’s Meyn poultry processing subsidiary.
Cabinplant employs close to 300 people and has representatives in more than 30 countries worldwide. It also works in close partnership with customers in major markets around the globe. Part of its expertise includes system customization achieved through close collaboration with its customers. Cabinplant’s systems, which feature high yield and minimal waste, are used by companies that process seafood, fruits and vegetables, poultry and convenience foods.
CTB’s chairman and chief executive officer Victor A. Mancinelli said, “The acquisition helps CTB to broaden the range of poultry processing options it can offer its customers as well as expanding into new market areas for processing, such as seafood and vegetables. Cabinplant’s knowledge of the food industry and its innovative approach to product development and implementation fit very well with CTB’s approach to its core markets.”
Cabinplant was founded in 1969. Company co-owner and chief executive officer Ralf Astrup and co-owner and chief financial officer Jan Helskov Hansen will continue in their current leadership positions. Operations will remain in the existing facilities.
Commenting on the acquisition, Astrup and Hansen noted that they look forward to CTB’s involvement in the business. “Jan and I are delighted to collaborate with such a well-known and respected global company,” said Astrup. “We look forward to tremendous opportunities for continued growth and expansion as one of the CTB companies.”
Completion of the transaction is subject to applicable governmental approvals.