JBT Corporation Acquires AutoCoding Systems Ltd, a Leading Provider of Label Inspection and Verification Software Solutions
CHICAGO, March 1, 2021 /PRNewswire/ -- JBT Corporation (NYSE: JBT), a global technology solutions provider to high-value segments of the food and beverage industry, announced today it acquired AutoCoding Systems Ltd., a leading provider of software solutions for the automated set-up and control of end-of-line packaging devices. AutoCoding extends JBT's capabilities in packaging line equipment and associated devices, including coding and label inspection and verification. The company is headquartered near Runcorn, U.K., with additional operations in the U.S. and Australia, and generates approximately $7 million in annual revenue.
AutoCoding's central command software solution integrates and automates the use of in-line packaging devices, such as coders, scanners, labelers, and checkweighers, reducing manual inspection and downtime for line configuration. While AutoCoding is scalable across JBT FoodTech's diverse end markets, it provides a particularly strategic fit with JBT's Proseal business where its tray sealing equipment begins the end-of-line process.
"AutoCoding's offering embodies JBT's broader mission to make better use of the world's precious resources by providing a solution that substantially enhances our customers' success. AutoCoding helps its customers reduce food waste, ensure complete and accurate food packaging information, and facilitate traceability and food safety," said Brian Deck, JBT's President and Chief Executive Officer. "The acquisition also expands our capabilities in the large and growing global market for in-line coding and inspection solutions, which includes hardware and software for food & beverage, pharmaceutical, and nutraceutical customers."
The purchase price was approximately $17 million, before customary post-closing adjustments. After transaction-related costs and purchase price accounting associated with the acquisition, the transaction is expected to negatively impact GAAP earnings per share by approximately $0.01 to $0.02 in 2021.
JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to high-value segments of the food & beverage industry with focus on proteins, liquid foods and automated system solutions. JBT designs, produces and services sophisticated products and systems for multi-national and regional customers through its FoodTech segment. JBT also sells critical equipment and services to domestic and international air transportation customers through its AeroTech segment. JBT Corporation employs approximately 6,200 people worldwide and operates sales, service, manufacturing and sourcing operations in more than 25 countries. For more information, please visit www.jbtc.com.
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond JBT's ability to control. Forward-looking statements include, among others, statements relating to the expected impact of the COVID-19 pandemic on our business and our results of operations, our plans to mitigate the impact of the pandemic, our future financial performance, our strategic plans, our restructuring plans and expected cost savings from those plans and our liquidity. These risks and uncertainties include, but are not limited to: the duration of the COVID-19 pandemic and the effects of the pandemic on our ability to operate our business and facilities, on our customers, on our supply chains and on the economy generally; fluctuations in our financial results; unanticipated delays or acceleration in our sales cycles; deterioration of economic conditions; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; changes to trade regulation, quotas, duties or tariffs; risks associated with current and future acquisitions; effects of the U.K.'s exit from the E.U.; fluctuations in currency exchange rates; difficulty in implementing our business strategies; increases in energy or raw material prices and availability of raw materials; changes in food consumption patterns; impacts of pandemic illnesses, food borne illnesses and diseases to various agricultural products; weather conditions and natural disasters; impact of climate change and environmental protection initiatives; risks related to corporate social responsibility; our ability to comply with the laws and regulations governing our U.S. government contracts; acts of terrorism or war; termination or loss of major customer contracts and risks associated with fixed-price contracts; customer sourcing initiatives; competition and innovation in our industries; our ability to develop and introduce new or enhanced products and services and keep pace with technological developments; difficulty in developing, preserving and protecting our intellectual property or defending claims of infringement; catastrophic loss at any of our facilities and business continuity of our information systems; cyber-security risks; loss of key management and other personnel; potential liability arising out of the installation or use of our systems; our ability to comply with U.S. and international laws governing our operations and industries; increases in tax liabilities; work stoppages; fluctuations in interest rates and returns on pension assets; availability of and access to financial and other resources; and other factors described under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's most recent Annual Report on Form 10-K filed by JBT with the Securities and Exchange Commission. In addition, many of our risks and uncertainties are currently amplified by and will continue to be amplified by the COVID-19 pandemic. Given the highly fluid nature of the COVID-19 pandemic, it is not possible to predict all such risks and uncertainties. JBT cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements. JBT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments, subsequent events or changes in circumstances or otherwise.
SOURCE JBT Corporation
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