JBT acquires Germany-based Alco-food-machines for undisclosed price

• JBT (NYSE:JBT) acquired Alco-food-machines GmbH, provider of further food processing solutions and production lines, for undisclosed purchase price.
• "The acquisition of Alco complements and expands our product offering in further processing, in particular, expanding our offering in convenience meal lines as well as alternative and plant-based protein technology," EVP and President, Protein Bob Petrie commented.
• Alco also further strengthens the company's presence and capabilities in the important German market.
• Alco expects 2022 revenue of ~$35M with EBITDA margins in the low double digits prior to synergies.
• The transaction is expected to be slightly dilutive to 2022 GAAP EPS but ~2 cents accretive on an adjusted basis, which excludes transaction-related costs and purchase price accounting.