£220m deal
Proseal, a leading provider of tray sealing technology to the food industry, is to be acquired by Chicago-based JBT Corporation for approximately £220m.
JBT, which is listed on the New York Stock Exchange, has signed a definitive agreement to acquire the company, subject to regulatory approvals.
The deal will allow Proseal to further expand its business by providing access to JBT’s global sales and service network.
Established in 1998, Proseal now employs 350 staff in Adlington, Cheshire, with additional facilities in Richmond, Virginia and Melbourne, Australia.
Under the terms of the deal, the management team which is led by the founders – Steve Malone and Robert Hargreaves – will remain in place and the Proseal brand will also be retained.
Commenting on the deal, Steve Malone stated: “We are delighted to announce that Proseal is to become part of JBT, which will significantly enhance our global presence. This deal will ensure Proseal’s continued growth and success through access to JBT’s global sales and service network, enhancing our customer support overseas as well as growing our business into new markets.”
“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,” stated Tom Giacomini, JBT’s Chairman, President, and Chief Executive Officer. “Moreover, we believe Proseal’s technology affords growth opportunities around the globe.”
“Tray sealing is relevant to many of our FoodTech customers, particularly in the rapidly expanding market for convenience foods,” said Carlos Fernandez, JBT’s Executive Vice President and President, Liquid Foods.
