USA, Chicago. JBT Corporation, a global technology solutions provider to high-value segments of the food & beverage industry, announced it has signed a definitive agreement to purchase Tipper Tie, Inc. from Dover.
The purchase price is $160 mill., before customary post-closing adjustments. The transaction is expected to close in the fourth quarter of 2016, subject to customary regulatory approvals. Further details on the financial benefits of the Tipper Tie acquisition will be available after the transaction closes.
JBT focusses on proteins, liquid foods, and automated system solutions. The company designs, produces and services sophisticated products and systems for multinational 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. The company employs approximately 4200 people worldwide and operates sales, service, manufacturing and sourcing operations in more than 25 countries.
Tipper Tie is a leading provider of engineered processing and packaging solutions, and related consumables to the food industry. The company, headquartered in Apex, North Carolina, USA, has four manufacturing locations around the world.