JBT Corporation Announces Elevate 2.0 Strategy and Financial Goals at Investor Day

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The next phase of growth focuses on digital transformation, automation and sustainable solutions

CHICAGO, March 24, 2022 /PRNewswire/ — JBT Corporation (NYSE: JBT), a leading global provider of technology solutions for high-value segments of the food and beverage industry, is hosting an Investor Day today at New York City. During the event, the Company will provide an in-depth presentation of the Elevate 2.0 strategy and mid-term financial goals.

“We are excited to present our Elevate 2.0 strategy, which positions JBT for continued growth and margin expansion,” said Brian Deck, President and CEO. “The food and beverage processing industry is poised for continued growth supported by underlying secular and cyclical trends. As the food industry evolves, there is an increased need to deliver digital solutions focused on customer, as well as offerings that support customer automation and sustainability initiatives.JBT is investing in its digital strategy to significantly strengthen our customer value proposition as a preferred solution partner. JBT’s extensive involvement in the food and beverage industry, its advanced process knowledge and best-in-class application engineering enables us to focus on delivering innovative solutions, which enhance value for our customers and, in ultimately, for all JBT stakeholders,” Deck concluded.

“In addition, we are also announcing our vision for JBT to become a pure play food and beverage technology solution provider. In this context, we are exploring strategic alternatives for our AeroTech platform,” Deck said. “AeroTech holds leading positions in its markets and is poised for a strong recovery as the airline industry rebounds. We are considering a full range of strategic alternatives for AeroTech to identify the greatest opportunity. more value-creating for our shareholders. We expect to complete our strategic review in the first half of 2023,” Deck said.

Elevate 2.0 Strategy Highlights

  • Exploring the FoodTech pure play strategy, while considering strategic alternatives for AeroTech
  • Invest in digital capabilities to create a customer-centric platform that delivers enhanced inventory and service access, advanced features, and measurable results for customers, while increasing JBT’s aftermarket participation
  • Benefit from secular growth trends in the food and beverage industry, including work automation, changing consumer preferences for food and beverages, sustainable solutions and food safety
  • Continued deployment of the JBT Business System along with strategic sourcing initiatives to drive margin improvement and free cash flow
  • Prioritize strategic M&A with a disciplined capital deployment strategy to expand JBT’s position as a total solutions provider

Raising Financial 2.0 Goals to 2025

  • JBT organic revenue CAGR of 7-9%
    • Food technology: 7 – 9%
    • AeroTech: 8 – 10%
  • JBT 2025 adjusted EBITDA margin of 17%+
    • Food Tech: 21%+
    • AeroTech: 14%+
    • Corporate expenses: approximately 2.3% of revenue
  • Free cash flow conversion above 100% after 2022
  • 2025 organic ROIC of 15%+
  • M&A Investment Opportunity $1$1.5 billion until 2025

Webcast Details

A live webcast will be available today from 12:30 p.m. to 3:30 p.m. ET. Attendees are strongly advised to register for the webcast prior to the event to avoid possible disruptions when accessing the event. The webcast and presentation materials will be available on JBT’s Investor Relations website. A replay of the webcast will also be available on the Company’s Investor Relations website approximately 48 hours after the event ends.

JBT Corporation (NYSE: JBT) is a leading global provider of technology solutions for the high-value segments of the food and beverage industry, with a focus on protein, liquid foods and automated systems. JBT designs, produces and services sophisticated products and systems for multinational and regional customers through its FoodTech segment. JBT also sells essential equipment and services to domestic and international air transport customers through its AeroTech segment. JBT Corporation employs approximately 6,600 people worldwide and operates sales, service, manufacturing and supply operations in more than 25 countries. For more information, visit www.jbtc.com.

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are non-historical in nature and are subject to risks and uncertainties beyond JBT’s control. Forward-looking statements include, among other things, statements relating to the expected impact of the COVID-19 pandemic on our business and results of operations, our plans to mitigate the impact of the pandemic, our strategic plans, our restructuring plans and expected costs, the savings realized from these plans, our liquidity and our compliance with debt covenants. In addition, other factors, including the timing of our review of any strategic alternatives for the AeroTech platform; whether we will be able to identify or develop strategic alternatives; our ability to execute the material aspects of any strategic alternatives; and whether we can realize the potential benefits of any strategic alternatives. Factors that could cause our actual results to differ materially from expectations include, but are not limited to, the following factors: the duration of the COVID-19 pandemic and the effects of the pandemic on our ability to operate our business and our facilities, on our customers, on our workforce resulting in increased workforce absenteeism, on our supply chains due to extended delivery times and unavailability of components and freight required, on our labor costs due to higher labor turnover and shortages of skilled labor and on the economy generally; fluctuations in our financial results; unexpected delays or acceleration of our sales cycles; deterioration of economic conditions; disruptions to political, regulatory, economic and social conditions in the countries in which we operate; changes in trade regulations, quotas, duties or tariffs; risks associated with strategic acquisitions or investments; exchange rate fluctuations; difficulty in implementing our business strategies; increases in energy or commodity prices, transportation costs and inflationary pressures; changes in food consumption habits; impacts of pandemic diseases, food-borne illnesses and diseases on various agricultural products; weather conditions and natural disasters; the impact of climate change and environmental protection initiatives; our ability to comply with laws and regulations governing our contracts with the US government; acts of terrorism or war; the termination or loss of significant customer contracts and the risks associated with fixed price contracts, particularly in times of high inflation; customer research initiatives; competition and innovation in our industries; our ability to develop and introduce new or improved products and services and keep pace with technological developments; difficulty developing, preserving and protecting our intellectual property or defending infringement claims; catastrophic loss at any of our facilities and business continuity of our information systems; cybersecurity risks such as network intrusions or ransomware systems; loss of key management and other personnel; potential liability arising from the installation or use of our systems; our ability to comply with US and international laws governing our operations and industries; increases in tax liabilities; work stoppages; fluctuations in interest rates and returns on pension assets; availability of and access to financial and other resources; and other factors described under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s 2021 Annual Report on Form 10-K filed by JBT with of the Securities and Exchange Commission. Additionally, many of our risks and uncertainties are currently magnified by the COVID-19 pandemic and will continue to be. Given the very fluid nature of the COVID-19 pandemic, it is not possible to foresee all of these risks and uncertainties. JBT cautions shareholders and potential investors that actual results may differ materially from those indicated by forward-looking statements. JBT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments, subsequent events or changes in circumstances or otherwise.

Investors and media: Kedric Meredith (312) 861-6034

SOURCEJBT Corporation

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