JBT Corporation Acquires Wolf-tec, Inc., a Leading Protein Processing Equipment Company

JBT Corporation, a global technology solutions provider to the food processing and air transportation industries, announced today it has purchased the assets of Wolf-tec, Inc. Located in Kingston, NY, the Company is an innovative equipment manufacturer providing processing solutions for poultry, beef, pork, and seafood. Wolf-tec's protein processing technologies focus on ingredient preparation, blending, injection, marination, massaging, and portioning. The Company also provides turnkey solutions encompassing high levels of automation to the protein processing industry.

The purchase price was $54 million, before customary post-closing adjustments.

The addition of Wolf-tec enables JBT to better meet customer needs through an expanded portfolio of protein processing equipment and solutions. It also provides JBT further entry into beef, pork, and seafood processing, where Wolf-tec has a stronger presence.

"In addition to the highly complementary fit of our product lines, Wolf-tec brings a strong brand presence, excellent technology, and an exceptional reputation for sales and customer support," stated Steve Smith, Executive Vice President and President of JBT FoodTech. "Moreover, the Company has outstanding management and team members who we are excited to welcome to our JBT family."

"Our equipment is frequently utilized in line with JBT's portioning, cooking and freezing solutions by our customers on the same production line," said Ralf Ludwig, Chief Executive Officer of Wolf-tec. "Now we will go to market with a more complete solution and in addition, JBT's global reach presents significant future growth opportunities. I am thrilled to join the JBT team and enthusiastically look forward to furthering Wolf-tec's legacy of innovation and strong technology solutions."

Tom Giacomini, JBT's Chairman, President and Chief Executive Officer added, "Wolf-tec is our third acquisition in 2014, following the purchases of ICS Solutions and Formcook AB earlier this year. All three support our strategy of acquiring leading companies that strengthen our protein processing and liquid foods portfolios."