John Bean Technologies Corp. third offer to acquire the ownership of Marel was successfully received. Marel is a leading manufacturer of poultry and fish processing and packaging equipment based in Iceland. Eyrir Invest that holds a quarter of the shares of Marel has accepted the offer. Arnar Thor Masson, Chairmen of Marel, stated “Following a period of constructive discussions we have received a revised proposal from JBT to enter into a merger with Marel. He added, “The Board has carefully assessed the proposal and while it continues to believe in Marel stand-alone strategy, we consider there is compelling logic in the combination for Marel shareholders and its stakeholders.” The Board is working with JBT on due diligence and finalization of the offer subject to approval by the Boards of both companies and shareholder votes.
Brian Deck, CEO of JBT, stated “We look forward to working together on confirmatory due diligence and finalization of the formal voluntary takeover offer on the terms as agreed to. The enhanced global operating scale of a combined company is expected to generate meaningful operating costs synergies and we anticipate additional synergies from revenue to drive incremental and compelling value creation.”
JBT employs over 5,000 in 25 nations with 2023 revenue of $1.6 billion. Marel employs 8,000 in 30 nations with revenue exceeding $1.9 billion