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November 27, 2023
2 Min Read
JBT could acquire a leading meat, poultry, and fish processing company located in Iceland.Image courtesy of JBT Corporation
JBT Corp., a global technology solutions provider to segments of the food & beverage industry, issued a statement concerning the possible acquisition of Marel, an Icelandic food processing solutions provider.
The statement read that "JBT confirmed that it has submitted a non-binding initial proposal to the board of directors of Marel hf. (“Marel”), whose shares are listed on Nasdaq Iceland and Euronext Amsterdam, in respect of a potential voluntary takeover offer for the entire share capital of Marel in accordance with Chapters X and XII of the Icelandic Takeovers Act no. 108/2007. JBT has received an irrevocable undertaking and entered into exclusivity with respect to the shares owned by Eyrir Invest hf., which holds 24.7% of the shares in Marel."
The announcement follows Marel’s disclosure that it had received a potential offer to acquire all shares in the company.
“JBT's non-binding proposal is consistent with the company’s strategic plan and M&A objective of pursuing transactions with strong industrial logic and significant synergy potential while maintaining a strong balance sheet and preserving future strategic flexibility.
“JBT's considerations are at a preliminary stage and there can be no assurance that any formal offer will be made as a result of these considerations. JBT does not intend to comment further unless and until its board determines that it is required or appropriate to do so.”
A Marel press release stated that "Marel will review the non-binding proposal with due care and process to assess its merits, consistent with the long-term interests of the company and all shareholders" and it expects to do so in a timely manner.
The food and beverage solutions provider's most recent acquisition was in September 2022, for Bevcorp, a provider of equipment and aftermarket support for the beverage processing and packaging market in the US.
JBT also divested its AeroTech business to Oshkosh Corp. for $800 million in May 2023. At the time, President & CEO Brian Deck said the move "supports our strategy to become a pure-play food and beverage solutions provider“ and enables a focused path to grow its leading FoodTech franchise.
About the Author(s)
Kristen Kazarian has been a writer and editor for more than three decades. She has worked at several consumer magazines and B2B publications in the fields of food and beverage, packaging, processing, women's interest, local news, health and nutrition, fashion and beauty, automotive, and computers.
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