JBT Corp. To Buy Tipper Tie From Dove For $160 Mln - Quick Facts

(RTTNews) - JBT Corp. (JBT) said it has signed an agreement to acquire Tipper Tie, Inc. from diversified global manufacturer Dover Corp. (DOV) for $160 million, before customary post-closing adjustments. The transaction is expected to close in the fourth quarter of 2016.

Tipper Tie is a provider of engineered processing and packaging solutions, and related consumables to the food industry. The Apex, North Carolina-based company has four manufacturing locations around the world.

"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 recognized brand, advanced technology, and relationships with major food processors in the U.S and Europe will prove critical as we grow the company's presence in Asia and Latin America," said Tom Giacomini, JBT's Chairman, President and Chief Executive Officer.