Proseal to be acquired by US corporation in £220m deal
Proseal – a provider of tray sealing technology to the food industry – is to be acquired by Chicago-based JBT Corporation for approximately £220m.
The deal will allow Proseal to further expand its business by providing access to JBT’s global sales and service network.
Under the terms of the deal, the management team which is led by the founders – Steve Malone and Robert Hargreaves – will remain in place and the Proseal brand will also be retained.
Steve Malone said: “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.”
“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,” stated Tom Giacomini, JBT’s chairman, president, and CEO. “Moreover, we believe Proseal’s technology affords growth opportunities around the globe.”
“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.