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.
Buyers have been showing interest in manufacturing targets in 2015. Bertram Capital-backed Maxcess International Corp. is buying Valley Roller Co., which makes parts for manufacturing equipment and NN Inc. (Nasdaq: NNBR) is buying Precision Engineered Products Holdings Inc., from the Jordan Co. and Nautic Partners for $615 million. Precision produces metal and molded plastic parts for the medical, electrical control and distribution, transportation and aerospace markets.