John Bean Technologies To Offer To Acquire Marel For 3.60 Euros/shr

(RTTNews) - John Bean Technologies Corporation (JBT), a technology solutions provider to the food processing and air transportation industries, Friday said it plans a takeover offer for food processing company Marel for 3.60 euros per share, to be paid in cash or stock or both, in the first quarter of 2024.

The combined company is expected to generate cost synergies of more than $125 million within three years following the completion of the transaction, JBT said in a statement.

The transaction value comes to about 2.7 billion euros, inclusive of Marel's net debt of approximately 0.8 billion euros as of September 30, 2023.

Additionally, the company reported full-year 2023 preliminary revenue in the range of $1.66 billion - $1.67 billion, compared with the prior guidance of $1.66 billion - $1.68 billion.

Preliminary adjusted EPS is at $4.05 - $4.15, up from the previous outlook of $3.95 - $4.10.

Analysts on average, polled by Thomson-Reuters expect the company to report earnings of $4.02 per share on revenue of $1.67 billion. Analysts' estimates typically exclude special items.

For the full year 2024, JBT sees revenue in the range of $1.75 billion - $1.78 billion, and adjusted EPS between $5.05 and $5.45. The consensus estimate for profit stands at $4.66 per share and for revenue at $1.75 billion.