JBT To Sell Its AeroTech Business To Oshkosh - Quick Facts

(RTTNews) - JBT Corporation (JBT) has entered into a definitive agreement to sell its AeroTech business to Oshkosh Corporation (OSK) in an all-cash deal valued at $800 million. JBT expects to use the net proceeds consistent with its stated capital allocation priorities, including debt repayment and continued disciplined FoodTech inorganic growth.

Beginning in the second quarter of 2023, JBT expects to classify AeroTech as held for sale. JBT estimates the classification of AeroTech as held for sale will have a dilutive impact to second quarter 2023 GAAP earnings per share from continuing operations of approximately $0.33 and adjusted EPS from continuing operations of approximately $0.40.