Chicago-based JBT Corporation has planned to acquire tray sealing technology provider Proseal for about £220 million (US$246.422 million).
The deal will allow Proseal to further expand its business by providing access to JBT’s global sales and service network.
Closing is expected in the second quarter of 2019.
Established in 1998, Proseal now employs 350 staff in Adlington, Cheshire, with additional facilities in Richmond, Virginia and Melbourne, Australia, and supplies high-quality tray-sealing machines to markets worldwide.
Under the terms of the deal, the management team which is led by the founders – Steve Malone and Robert Hargreaves – will remain in place and the Proseal brand will also be retained.
“The acquisition of Proseal represents an important expansion of JBT’s capabilities, adding significantly to our end-of-line market position and advancing our strategy of providing full-line customer solutions,” stated Tom Giacomini, JBT’s chairman, president, and CEO.
“Moreover, we believe Proseal’s technology affords growth opportunities around the globe.”
“Tray sealing is relevant to many of our FoodTech customers, particularly in the rapidly expanding market for convenience foods,” said Carlos Fernandez, JBT’s executive VP and president, liquid foods.