JBT acquires Wolf-tec
Dec. 2, 2014
by Erica Shaffer
CHICAGO – JBT Corporation acquired the assets of Kingston, New York-based Wolf-tec, Inc. for $54 million.
JBT said the acquisition expands its portfolio of protein processing equipment and solutions. Wolf-tec is a leading manufacturer of processing solutions for poultry, beef, pork and seafood. Key areas of expertise for Wolf-tec include ingredient preparation, blending, injection, marination, massaging and portioning. Wolf-tec also has a strong presence in the beef, pork and seafood processing segments, which will grant JBT additional market share.
"In addition to the highly complementary fit of our product lines, Wolf-tec brings a strong brand presence, excellent technology, and an exceptional reputation for sales and customer support," said Steve Smith, executive vice president and president of JBT FoodTech. "Moreover, the company has outstanding management and team members who we are excited to welcome to our JBT family."
Tom Giacomini, chairman, president and CEO of JBT, noted that Wolf-tec is JBT's third acquisition in 2014. ICS Solutions and Formcook AB were added to JBT's portfolio earlier in the year. Giacomini said all three acquisitions supported JBT's strategy of strengthening its protein processing and liquid foods portfolios.
For Wolf-tec, the deal represents future opportunities for growth.
"Our equipment is frequently utilized in line with JBT's portioning, cooking and freezing solutions by our customers on the same production line," said Ralf Ludwig, CEO of Wolf-tec. "Now we will go to market with a more complete solution and in addition, JBT's global reach presents significant future growth opportunities. I am thrilled to join the JBT team and enthusiastically look forward to furthering Wolf-tec's legacy of innovation and strong technology solutions."