JBT Corporation [NYSE: JBT], a Chicago, Illinois-based provider of technology solutions for the food processing and air transportation industries, has acquired Urtasun Tecnologia Alimentaria, a Spain-based provider of fruit and vegetable processing solutions.
The purchase and sale transaction was closed for approximately US$40 million (34.5 million euros), with PKF Attest acting as financial and legal advisor to the selling party.
According to Brian Deck, president and chief executive officer of the U.S. company:
The acquisition of Urtasun expands our product offering in fruit and vegetable processing. Thanks to its integration into our FoodTechdivision, we can leverage JBT's global sales and service portfolio to accelerate its growth.
It is an alliance that already took an important step in 2013. At that time, the management of Urtasun Tecnología Alimentaria announced an agreement with JBT FoodTech, whereby the Marcilla-based company would begin to represent the U.S. group's fillers, sealers and sterilizers in Spain (excluding Galicia) and Portugal.
2021 REVENUES
Urtasun expects to end the current year with revenues of approximately US$25 million and adjusted EBITDA of around 15-20%.
In addition, José María Urtasun, son of the company's founder and CEO, won the Generational Replacement Award at the XVIII Edition of the AER Award, granted two years ago by the Asociación Empresa Ribera (AER).
MORE THAN 6,400 WORKERS
JBT Corporation is an international provider of technology solutions for "high-value segments" of the food and beverage industry, with a focus on "proteins, liquid foods and automated systems."
In this regard, it designs, produces and services "sophisticated products and systems for multinational and regional customers through its 'FoodTech' segment." It also sells critical equipment and services to domestic and international air transport customers through its AeroTech segment. It currently employs some 6,400 people worldwide and has sales, service, manufacturing and procurement operations in more than 25 countries.
Source: Navarra Capital
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