JBT pays $160 million for Tipper Tie
JBT has signed a definitive agreement to purchase Tipper Tie for US$160 million (before customary post-closing adjustments) with the sale expected to be completed this year.
Tipper Tie will expand JBT’s protein platform to include complementary packaging solutions. Another bonus for JBT will be Tipper Tie’s large installed equipment base that generates high recurring revenues from consumables and aftermarket parts sales.
Tom Giacomini, JBT’s chairman, president and CEO, said, “Tipper Tie’s globally recognised brand, advanced technology and relationships with major food processors in the US and Europe will prove critical as we grow the company’s presence in Asia and Latin America.”
Tipper Tie has a long association with the food industry, especially meat and poultry. The company supplies processing and clip packaging machines including fine cutters for emulsified products and a complete line of clippers from tabletop models to fully automated, high-speed systems that seal, clip, net, bag and hang.
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