John Bean Technologies Corporation (JBT) has completed its takeover of Icelandic food processing equipment manufacturer Marel, it announced on Jan. 3.
On that date, shares of the combined company, JBT Marel Corporation, began trading under the new stock ticker symbol JBTM on both the New York Stock Exchange and Nasdaq Iceland.
"Today is a significant achievement, culminating in over a year of dedicated effort to combine the complementary strengths of both JBT and Marel," said Brian Deck, CEO of JBT Marel.
"The creation of JBT Marel is guided by our shared purpose, to transform the future of food. With JBT Marel's diverse solutions offering, enhanced operational scale, and deep application, service and digital expertise, we can better support our customers and the broader global food chain."
As previously reported by Undercurrent News, under the new corporate structure, former Marel CEO Arni Sigurdsson will continue to run the existing 'Marel Fish' division under the new name of 'Fish & Retail and Food Service Solutions'.
Meanwhile, Marel's meat and poultry divisions will be merged with those at JBT and run directly by Deck (see below).
JBT's proposed corporate structure for Marel post-merger. Credit: Marel's Q3 2024 presentation
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