JBT Corporation Announces Elevate 2.0 Strategy and Financial Targets at Investor Day

Next Phase of Growth Focuses on Digital Transformation, Automation, and Sustainable Solutions

CHICAGO, March 24, 2022 /PRNewswire/ -- JBT Corporation (NYSE: JBT), a leading global technology solutions provider to high-value segments of the food & beverage industry, is hosting an Investor Day today in New York City. During the event, the Company will provide an in-depth presentation of the Elevate 2.0 strategy and medium-term financial targets.

"We are excited to introduce our Elevate 2.0 strategy, which positions JBT for continued growth and margin expansion," said Brian Deck, President and Chief Executive Officer. "The food and beverage processing industry is poised for continued growth supported by underlying secular and cyclical trends. As the food industry evolves, there is an increased need to provide digitally enabled, customer-centric solutions, along with offerings that support customer automation and sustainability initiatives. JBT is investing in its digital strategy to meaningfully strengthen our customer value proposition as their preferred solutions partner. Additionally, JBT's broad participation in the food and beverage industry, advanced process knowledge, and best-in-class application engineering allows us to focus on delivering innovative solutions, which enhance value for our customers and ultimately for all JBT stakeholders," concluded Deck.

"Furthermore, we are also announcing our vision for JBT to become a pure play food and beverage technology solutions provider. In connection with this, we are exploring strategic alternatives for our AeroTech platform," stated Deck. "AeroTech has leading positions in its markets and is poised for a strong recovery as the air transportation industry rebounds. We are considering a full range of strategic alternatives for AeroTech to identify the most value-creating opportunity for our shareholders. We expect to complete our strategic assessment in the first half of 2023," said Deck. 

• Exploring pure play FoodTech strategy, while considering strategic alternatives for AeroTech
• Investing in digital capabilities to create a customer-centric platform that delivers improved access to inventory and service, advanced functionality, and measurable results for customers, while also increasing JBT's aftermarket participation
• Benefiting from secular growth trends in the food and beverage industry, including labor automation, changing consumer preferences for food and beverages, sustainable solutions, and food safety  
• Continued deployment of the JBT Business System as well as strategic sourcing initiatives to drive margin enhancement and free cash flow
• Prioritizing strategic M&A with a disciplined capital deployment strategy to expand JBT's position as a full line solutions provider

• JBT organic revenue CAGR of 7 – 9%
• FoodTech: 7 – 9%
• AeroTech: 8 – 10%
• 2025 JBT adjusted EBITDA margin of 17%+
• FoodTech: 21%+
• AeroTech: 14%+
• Corporate expense: approximately 2.3% of revenue
• Free cash flow conversion greater than 100% after 2022
• 2025 organic ROIC of 15%+  
• M&A investment opportunity $1 – $1.5 billion through 2025

A live webcast will be available today from 12:30 p.m. to 3:30 p.m. ET. Participants are strongly advised to register for the webcast in advance of the event in order to avoid potential disruptions when accessing the event. The webcast and presentation materials will be available on the JBT Investor Relations website. A replay of the webcast will also be available on the Company's Investor Relations website approximately 48 hours after the event concludes.

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 6,600 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 strategic plans, our restructuring plans and expected cost savings from those plans, our liquidity and our covenant compliance. In addition, other factors including the timing of our review of any strategic alternatives for the AeroTech platform; whether we will be able to identify or develop any strategic alternatives; our ability to execute on material aspects of any strategic alternatives; and whether we can achieve the potential benefits of any strategic alternatives. The factors that could cause our actual results to differ materially from expectations include but are not limited to the following factors: 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 workforce resulting in higher labor absenteeism, on our supply chains due to extended delivery times and unavailability of required components and freight, on our cost of labor due to higher labor turnover and shortage of skilled labor 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 acquisitions or strategic investments; fluctuations in currency exchange rates; difficulty in implementing our business strategies; increases in energy or raw material prices, freight costs, and inflationary pressures; 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; 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, particularly during periods of high inflation; 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 such as network intrusion or ransomware schemes; 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 2021 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.

Investors & Media:    Kedric Meredith    (312) 861-6034

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SOURCE JBT Corporation