CHICAGO — JBT Corp. announced on Oct. 3 its plans to purchase Tipper Tie Inc. for $160 million. The transaction is expected to close in the fourth quarter of 2016 following regulatory approvals.
Tipper Tie, based in Apex, North Carolina, is a supplier of processing and clip-based packaging solutions to the food industry. JBT is buying Tipper Tie from Dover Corp., Downers Grove, Illinois, a global manufacturer of refrigeration and food equipment that also serves customers through its Energy, Engineered Systems and Fluids business segments.
“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,” said Tom Giacomini, JBT's chairman, president and CEO. “Tipper Tie’s globally recognized brand, advanced technology, and relationships with major food processors in the US and Europe will prove critical as we grow the company’s presence in Asia and Latin America.”