JBT Corporation Signs Definitive Agreement to Acquire Manufacturer of Military Aviation Equipment

CHICAGO, June 16, 2017 /PRNewswire/ -- JBT Corporation (NYSE: JBT), today announced it has signed an agreement to acquire Aircraft Maintenance Support Services, Ltd. (AMSS), a privately held manufacturer of military aviation equipment based in the United Kingdom with the transaction expected to close during the third quarter of 2017. 

"AMSS provides our AeroTech segment a focused strategic investment that will enhance our military offerings and provide us with expanded access to foreign militaries with our existing products," said Tom Giacomini, JBT's Chairman, President and Chief Executive Officer.

The purchase price will be £10 million before customary post-closing adjustments.  AMSS is expected to add annual revenue of approximately $20 million.  JBT anticipates earnings dilution of approximately $0.03 per share in 2017, including $0.01 in the second quarter, and accretion of approximately $0.04 per share in 2018.

JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to high-value segments of the food & beverage industry with focus on proteins, liquid foods and automated system solutions. JBT designs, produces and services sophisticated products and systems for multi-national and regional customers through its FoodTech segment. JBT also sells critical equipment and services to domestic and international air transportation customers through its AeroTech segment. JBT Corporation employs approximately 5,100 people worldwide and operates sales, service, manufacturing and sourcing operations in more than 25 countries. For more information, please visit www.jbtcorporation.com.

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company's ability to control. These risks and uncertainties are described under the caption "Risk Factors" in the Company's most recent Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission that may be accessed on the Company's website. The Company cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements.

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SOURCE JBT Corporation