Food technology company JBT has entered into an agreement to acquire Tipper Tie for $160m to expand its protein platform.
However, the transaction value is subject to customary post-closing adjustments.
Expected to close in the fourth quarter of this year, the acquisition is subject to customary regulatory approvals.
JBT’s new acquisition, Tipper Tie, is a subsidiary of diversified global manufacturer Dover.
Tipper Tie provides the food industry with engineered processing and packaging solutions along with related consumables. Headquartered in Apex, North Carolina, Tipper Tie has four manufacturing units globally.
Headquartered in Chicago, JBT on the other hand provides technology solutions to the food and beverage industry.
JBT chairman, president and CEO Tom Giacomini said that by acquiring Tipper Tie, the company would be able to expand its protein platform and inclusion of complementary packaging solutions.
Giacomini added: "Tipper Tie's globally recognized brand, advanced technology, and relationships with major food processors in the US and Europe will prove critical as we grow the company's presence in Asia and Latin America.
“The company also has a large installed equipment base that generates high recurring revenues from consumables and aftermarket parts sales."
Tipper Tie will be the second acquisition that JBT is making in recent months. In mid-September, the company reached an agreement to acquire assets of Cooling and Applied Technologies, a protein equipment solutions company based in Arizona.
JBT has agreed to buy the company at $90m which is subject to change as per the customary post-closing adjustments. The deal is also expected to close in the fourth quarter of 2016.
