JBT Corporation sees 3c-5c negative impact in Q4 from C.A.T. acquisition
JBT Corporation announced the completion of its previously disclosed agreement to purchase the assets of Cooling and Applied Technologies. The agreement to purchase the assets was announced on September 19. The purchase price was $90M, before customary post-closing adjustments. The acquisition of C.A.T. adds annual revenue of approximately $50M and a highly complementary product line focused on chillers, injection, marination, weighing, freezing, and refrigeration systems for the poultry industry. JBT expects transaction costs and purchase price accounting associated with the acquisition to result in a 3c-5c per share negative impact in the fourth quarter. In 2017, the company expects C.A.T to contribute 5c-10c per share to earnings, inclusive of the impact of continuing purchase price accounting and integration costs. In 2018, the company anticipates earnings accretion associated with the acquisition of 15c-20c per share.