US-based technology solutions provider JBT has agreed to acquire Proseal uk in a deal valued at £220m.
Based in Adlington, Proseal uk provides tray sealing technology for the customers in the food industry.
The company has additional production facilities in Richmond of Virginia and Melbourne of Australia.
Tray sealing is a packaging technology used across a range of food products, including ready meals, fresh produce, sandwiches, and proteins. It will help enhance freshness and flavor by sealing the product with film over a preformed tray.
Proseal provides environmentally-friendly packaging, which will help restrict the use of plastics and reduce food waste by extending the shelf life of the product.
The company produces a range of manual, semi-automatic and fully-automatic tray sealing machines with throughputs from six to 240 packs per minute. All tray sealing machines of the company hold capacity to handle modified atmosphere packaging.
JBT chairman, president and CEO Tom Giacomini said: “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.”
JBT said that acquisition of Proseal is expected to add annual revenue of around $100m with EBITDA margins of about 25% before acquisition-related costs.
Subject to regulatory approvals, the deal is expected to be completed in the second quarter of this year.
JBT executive vice president Carlos Fernandez said: “Tray sealing is relevant to many of our FoodTech customers, particularly in the rapidly expanding market for convenience foods.”
In 2016, JBT also acquired Tipper Tie from Dover for around $160m. Based in Apex of North Carolina, Tipper Tie provides protein processing and packaging solutions, and related consumables to the food industry.
Tipper Tie supplies processing and clip packaging, including fine cutters for emulsified products.
JBT offers technology solutions to the customers in the food and beverage industry. With a focus on proteins and liquid foods, the company mainly manufactures automated system solutions.
With around 5,900 employees, the company manages sales, service, manufacturing and sourcing operations in over 25 countries.