JBT Corporation (NYSE: JBT), a global technology solutions provider to high-value segments of the food and beverage industry, has signed a definitive agreement to purchase the assets of Cooling and Applied Technologies (C.A.T.), Inc. The purchase price is $90 million, before customary post-closing adjustments. The transaction is expected to close in the fourth quarter of 2016, subject to regulatory approval and other customary closing conditions.
Located in Russellville, Ark., privately held C.A.T. is a leading manufacturer of value-added food solutions, primarily for the poultry industry. Their focus on chillers, injection, marination, weighing, freezing, and refrigeration systems provides a highly complementary lineup to JBT's core offerings.
"The addition of C.A.T. enhances JBT's presence in primary and secondary protein processing and advances our strategic acquisition program in Proteins and Liquid Foods," said Tom Giacomini, JBT's Chairman, President and Chief Executive Officer. "The C.A.T. team brings deep technical knowledge, an excellent reputation, and strong relationships within the poultry industry, enhancing JBT's value proposition in the domestic market. As part of JBT, C.A.T. will access our global sales and service organization, driving geographic expansion of their technology."
"I am very excited to be joining the JBT Team," said C.A.T. co-owner and President Barton Langley. "As part of JBT, we will continue to serve our loyal customers with expanded capabilities and innovative solutions."
Further details on the financial benefits of the C.A.T. acquisition will be available after the transaction closes.