Sealing tech company Proseal acquired by JBT in food processing merger
Proseal — a leading provider of tray sealing technology to the food industry — is to be acquired by food processing machinery maker JBT Corporation.
The agreement between JBT, which is based in Chicago, and Proseal, based in the UK, is for $247 million (or €220 million), subject to regulatory approvals. 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 employs 350 staff in Adlington, Cheshire, UK. It has additional facilities in Richmond, Virginia, and Melbourne, Australia. Proseal supplies high-quality tray-sealing machines to markets worldwide.
Under the terms of the deal, the management team — led by the founders Steve Malone and Robert Hargreaves — will remain in place. The Proseal brand also will 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,” said Tom Giacomini, JBT’s chairman, president and CEO.
“Tray sealing is relevant to many of our food tech customers, particularly in the rapidly expanding market for convenience foods,” said Carlos Fernandez, JBT’s Executive Vice President and President, Liquid Foods.