JBT Corporation completes acquisition of Tipper Tie
JBT Corporation, a global technology solutions provider to high-value segments of the food & beverage industry, announced today the completion of its previously disclosed agreement to purchase Tipper Tie. The agreement to acquire the company was announced on October 3, 2016. The purchase price was $160 million, before customary post-closing adjustments.
The acquisition of Tipper Tie contributes annual revenue of approximately $90 million and a highly complementary line of engineered production and packaging solutions. The company also brings a large installed equipment base that generates high recurring revenues from consumables and aftermarket parts sales.
JBT expects transaction costs and purchase price accounting associated with the acquisition to result in a $0.03 - $0.05 per share negative impact in the fourth quarter of 2016. In 2017, the Company expects Tipper Tie to contribute $0.08 - $0.12 per share to earnings, inclusive of the impact of continuing purchase price accounting and integration costs. In 2018, the Company anticipates earnings accretion associated with the acquisition of $0.23 - $0.28 per share.
Additional information on JBT's Next Level acquisition strategy can be found at the Investor Relations link on the Company website at http://ir.jbtcorporation.com.