JBT to acquire PLF International

JBT Corporation, a global technology solutions provider to high-value segments of the food & beverage industry, has purchased PLF International Limited, England-based provider of powder filling systems for the food and beverage markets, for £28 million (before customary post-closing adjustments).

"JBT and PLF have collaborated on numerous, successful projects over the past 10 years," said Tom Giacomini, Chairman, President and Chief Executive Officer. "Specifically, customers have purchased PLF fillers and JBT closers as part of an integrated solution. Adding PLF's expertise and complementary products to Liquid Foods provides a valuable extension to our portfolio. Additionally, we can expand PLF's business geographically and strengthen its aftermarket opportunities."

The acquisition of PLF (headquartered in Harwich, Essex) adds annual revenue of approximately $25 million. Transaction costs and purchase price accounting associated with the acquisition are expected to more than offset earnings generated under JBT ownership in 2017, with a negative impact of approximately $0.03 per share. JBT anticipates earnings accretion of $0.03 - $0.05 per share for 2018 and $0.06 - $0.08 per share for 2019.