Chicago-based JBT Corp. signed a definitive agreement to purchase Tipper Tie, Inc. from Dover, Downers Grove, Ill., for $160 million. The transaction is expected to close in the fourth quarter of 2016, subject to customary regulatory approvals.
Tipper Tie is an Apex, N.C.-based provider of engineered processing and packaging solutions, with four manufacturing locations around the world.
"The addition of Tipper Tie expands JBT's protein platform to include complementary packaging solutions, enabling us to offer even greater value to our customers," says Tom Giacomini, JBT's chairman, president and CEO. "Tipper Tie's globally recognized brand, advanced technology and relationships with major food processors in the U.S and Europe will prove critical, as we grow the company's presence in Asia and Latin America. The company also has a large installed equipment base that generates high-recurring revenues from consumables and aftermarket parts sales."
