CHICAGO – JBT Corporation announced its purchase of Erlanger, Kentucky-based Avure Technologies Inc., a leading provider of high pressure processing (HPP) systems, for $57 million. According to JBT, the acquisition of Avure should bring in approximately $50 million of additional annual revenue.
Transaction costs and purchase price accounting associated with the acquisition are expected to more than offset earnings generated under JBT ownership in 2017, with approximately $0.05 per share of dilution for the year. The company anticipates earnings accretion of $0.07 to $0.12 per share for 2018 and $0.12 to $0.17 per share for 2019.
"We are excited about the rapidly expanding market adoption of HPP across protein and liquid foods," said Steve Smith, president of JBT FoodTech. "With the addition of Avure, JBT will be able to offer comprehensive thermal and non-thermal preservation solutions."
Avure is a privately held company with a manufacturing center in Middletown, Ohio.
"As part of JBT, Avure will benefit from our global salesforce, service support and extensive customer relationships, as well as our commitment to developing solutions that maximize customer profitability," said Tom Giacomini, JBT's chairman, president and CEO.