JBT Sends Non-Binding Proposal to Acquire Marel

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.