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Food and Beverages | Monday, June 20, 2022
JBT Corporations and Alco bring the best solutions for their customers.
FREMONT, CA: "The acquisition of Alco complements and expands our product offering in further processing, in particular, expanding our offering in convenience meal lines as well as alternative and plant-based protein technology," said Bob Petrie, EVP, and President, Protein. "Bringing our companies and technologies together supports our vision to be the preferred solutions partner for our customers, backed by unparalleled application expertise and best-in-class local service support. Alco also further strengthens our presence and capabilities in the important German market," added Petrie.
JBT Corporation, one of the leading providers of additional food processing solutions and production lines, revealed the acquisition of Alco-food-machines GmbH & Co. KG (Alco). Alco is one of the leading providers of further food processing solutions and production lines to high-value segments of the food and beverage industry.
According to Alco, revenue in 2022 will be approximately $35 million, with EBITDA margins in the low double digits before synergies. The transaction is expected to dilute GAAP earnings per share in 2022. Still, it will have an accretive impact on adjusted earnings per share of approximately two cents, excluding transaction-related costs and purchase price accounting.
"Alco has been a family business for generations and over time has built an excellent reputation in the market for providing leading further processing technology solutions with strong ties in the DACH region," said Brian Deck, President, and Chief Executive Officer. "Alco represents the ideal fit for JBT where our family of brands approach and our broad food and beverage platform offers a compelling succession opportunity for companies with leading technology and food domain expertise."
Based on the idea from Heinz and Gertrud Algra in 1977, Alco produced noodle sauces, pizza, convenience foods, and snack foods using the best machines in the industry. "JBT has always been viewed as a leader in food processing, and its approach to preserving the Alco brand and continuing the family legacy of technology and service was of the utmost importance in finding the right partner to acquire the business," said Isabelle Kleine-Ausberg, a former shareholder of Alco. "We are excited about the possibilities in the next phase of growth for Alco," added Thomas Kleine-Ausberg, Managing Director.