JBT Corporation acquires Prime Equipment Group for $65m

JBT Corporation has acquired Prime Equipment Group, a US manufacturer of turnkey primary and water re-use solutions to the poultry industry, for $65 million.

The deal sees JBT look to advance its goal of becoming the preferred provider of full-line solutions for poultry customers with the addition of Prime’s primary processing capabilities, JBT CEO Tom Giacomini said.

JBT added that Prime’s technology addresses “pressing needs” in the poultry industry in the areas of automation and water re-use.

Giacomini said: “Prime’s deep expertise, reputation, and high-quality products and services complement our strategy and winning culture at JBT.”

Paul Sternlieb, JBT executive vice president and president, protein, said. “Prime’s annual revenue of approximately $45 million is primarily concentrated in the US, and we look forward to leveraging JBT’s global reach to accelerate the deployment of the automation and water technology for growth outside the US.”

The news comes as JBP completes its acquisition of Proseal, a provider of tray sealing technology for the food industry, in a deal worth £220 million.

Proseal’s tray sealing packaging technology is used across a range of food products, including ready meals, fresh produce, sandwiches, and proteins, to enhance freshness by sealing the product with film over a preformed tray.

Chicago-headquartered JBT said in 2019 both acquisitions are expected to add revenue of between $80 million and $85 million.

Last July, JBT acquired Netherlands-based food equipment and solutions provider FTNON for €32 million to expand in the fruit and vegetable market.