TRAY sealing firm Proseal is to be acquired by US-based JBT Corporation in a deal worth hundreds of millions of pounds.
Based in Chicago, JBT has signed a definitive agreement to acquire the Cheshire-based company, which provides tray sealing technology to the food industry, for approximately £220 million, subject to regulatory approvals.
Proseal said the deal would allow it to further expand its business by providing access to JBT’s global sales network. Established in 1998, the worldwide tray-sealing machine supplier now employs 350 staff in Adlington, Cheshire, with additional facilities in Richmond, Virginia and Melbourne, Australia.
Under the terms of the new deal, the Proseal management team, which is led by company founders Steve Malone and Robert Hargreaves, will remain in place and the Proseal brand will also be retained.
Steve Malone commented on the deal, “We are delighted to announce that Proseal is to become part of JBT, which will significantly enhance our global presence. This deal will ensure Proseal’s continued growth and success through access to JBT’s global sales and service network, enhancing our customer support overseas as well as growing our business into new markets.”
“Tray sealing is relevant to many of our FoodTech customers, particularly in the rapidly expanding market for convenience foods,” said Carlos Fernandez, JBT’s executive vice president and president, liquid foods.
Tom Giacomini, JBT’s chairman, president and CEO added, “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 solution. Moreover, we believe Proseal’s technology affords growth opportunities around the globe.”