JBT Corp. (NYSE: JBT) is buying A&B Process Systems for $102 million in cash. Privately-held A&B, based Stratford, Wisconsin, makes storage tanks, heat transfer tubes and filtrations systems for the food and beverage and pharmaceutical sectors. JBT expects A&B to add around $100 million in annual sales and $14 million in Ebitda.
The deal for A&B comes on the heels of Chicago-based JBT completing the $52 million purchase of food equipment maker Stork Food & Dairy Systems BV. JBT CEO Tom Giacomini says the company will look for more similar deals in the space. JBT manufactures airline cargo loaders, gate boarding tunnels and industrial freezers.