US-based JBT has entered a definitive agreement to purchase tray sealing technology provider Proseal UK for £220m ($285.15m).
Headquartered in Adlington, UK, Proseal also operates in Richmond, Virginia, US, as well as Melbourne, Australia.
It offers environmentally friendly packaging solutions designed to minimise the use of plastic and reduce food waste by extending the product’s shelf life.
JBT chairman, president and CEO Tom Giacomini said: “The acquisition of Proseal represents an important expansion of JBT’s capabilities, adding significantly to our end-of-line market position and advancing our strategy of providing full-line customer solutions.
“Moreover, we believe Proseal’s technology affords growth opportunities around the globe.”
According to JBT, the deal is expected to contribute annual revenue of approximately $100m with EBITDA margins of approximately 25% before acquisition-related costs.
The transaction is currently subject to regulatory approvals and is expected to be completed in the second quarter of this year.
JBT liquid foods executive vice-president and president Carlos Fernandez said: “Tray sealing is relevant to many of our FoodTech customers, particularly in the rapidly expanding market for convenience foods.”
JBT offers technology solutions to the food and beverage industry with a focus on proteins, liquid foods and automated system solutions. It currently employs approximately 5,900 people worldwide.
Earlier this month, JBT named Barbara L Brasier and Emmanuel Lagarrigue to its board of directors bringing the total to nine members.