JBT to buy protein processing and packaging solutions provider Tipper Tie

4 October 2016 (Last Updated October 4th, 2016 18:30)

US-based food processing technology provider JBT has signed a definitive agreement to acquire Tipper Tie for $160m.

US-based food processing technology provider JBT has signed a definitive agreement to acquire Tipper Tie for $160m.

Subject to customary regulatory approvals, the deal is scheduled to completed in late 2016.

Based in Apex, North Carolina, US, Tipper Tie currently has four manufacturing facilities worldwide, and provides engineered processing and packaging solutions to the food industry.

"The addition of Tipper Tie expands JBT's protein platform to include complementary packaging solutions."

Additional information on the financial benefits of the acquisition will be disclosed by JBT after the completion of the deal.

JBT chairman president and CEO Tom Giacomini said: "The addition of Tipper Tie expands JBT's protein platform to include complementary packaging solutions, enabling us to offer even greater value to our customers.

"Tipper Tie's globally recognised brand, advanced technology, and relationships with major food processors in the US and Europe will prove critical as we grow the company's presence in Asia and Latin America.

“The company also has a large installed equipment base that generates high recurring revenues from consumables and aftermarket parts sales."

Last month, the company entered a deal to buy US-based poultry food solutions provider Cooling and Applied Technologies (C.A.T.).

The $90m deal, which is subject to customary closing conditions, is expected to be completed in the last quarter of 2016.