CHICAGO— Illinois-based JBT Corp. announced its purchase of Prime Equipment Group Inc. on June 4 for $65 million. The company, which is based in Columbus, Ohio, is a manufacturer of turnkey primary and water re-use solutions to the poultry industry.

"The acquisition of Prime advances our goal of becoming the preferred provider of full-line solutions for poultry customers with the addition of Prime's primary processing capabilities," stated Tom Giacomini, JBT's chairman, president and CEO. "Prime's deep expertise, reputation, and high-quality products and services complement our strategy and winning culture at JBT."

"Prime's latest technologies address pressing needs in the poultry industry in the areas of automation and water re-use which will further strengthen our customer relationships," said Paul Sternlieb, JBT's executive vice president and president of protein. "Prime's annual revenue of approximately $45 million is primarily concentrated in the US, and we look forward to leveraging JBT's global reach to accelerate the deployment of the automation and water technology for growth outside the US."  

JBT also completed the previously announced acquisition of United Kingdom-based Proseal. Both agreements include post-closing adjustments. The Proseal deal was valued at $280 million in April.

The Proseal acquisition is expected to add annual revenue of approximately $100 million with EBITDA margins of approximately 25 percent before acquisition-related costs. The deal is expected to be done in second quarter of 2019.

In total for 2019, the acquisitions are expected to add revenue of $80 million to $85 million, to be dilutive to earnings per share by $0.15 to $0.25, and accretive to adjusted earnings per share by $0.05 to $0.10, relative to prior guidance.