JBT to Buy Tipper Tie, Automated Clipping Systems Maker
JBT Corporation, supplier of Frigoscandia spiral freezers and a myriad of other machinery and equipment systems to high-value segments of the global food and beverage industry, has signed a definitive agreement to acquire Tipper Tie, Inc. from Dover Corporation. The purchase price is $160 million before customary post-closing adjustments, and the transaction is expected to be finalized during the fourth quarter of 2016.
Headquartered in Apex, North Carolina, and operating from four manufacturing sites around the world, Tipper Tie specializes in providing processing and clip packaging machines to the food industry. Its line features fine cutters for emulsified products and clippers ranging from tabletop models to fully automated, high speed systems that seal, clip, net, bag and hang a wide variety of products.
"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," said Tom Giacomini, chairman, president and chief executive officer of Chicago, Illinois-headquartered JBT. "Tipper Tie's globally recognized 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.”