Oshkosh Corp., a global manufacturer of access, defense, fire & emergency and commercial vehicles, has bought the AeroTech business from JBT Corp. in an all-cash transaction valued at $800 million.

The AeroTech business offers airport ground support equipment (GSE), gate equipment, military AGE, iOPS, aircraft tugs, and airport services. JBT looks to use the net proceeds from the transaction consistent with its stated capital allocation priorities, including debt repayment and continued FoodTech inorganic growth.

“As we signaled during our Investor Day in March of 2022, the divestiture of AeroTech supports our strategy to become a pure-play food and beverage solutions provider,” comments Brian Deck, president and chief executive officer of JBT. “The transformation to a pure-play company enables a focused path to grow and enhance our leading FoodTech franchise, which operates in highly resilient markets, provides an attractive growth outlook and expanding margin profile, and generates strong free cash flow.”

Morgan Stanley & Co. LLC and Centerview Partners LLC are serving as JBT’s financial advisors and Kirkland & Ellis LLP is acting as JBT’s legal advisor.