According to a release by Marel hf. of Iceland, the multinational manufacturer of food processing equipment has received a non-binding proposal from John Bean Technologies (JBT) based in Chicago. According to the release, John Bean Technologies has offered $2.6 million for Marel with payment comprising 25 percent cash and the remainder in JBT equity.
Marel, founded in 1983 by engineers, affiliated with the University of Iceland to manufacture onboard scales for the fishing industry. The company grew by acquisition of 12 major competitors in the U. S., Netherlands, Australia, Denmark and Germany between 1997 and 2022. In 2008, Marel acquired Stork in the Netherlands in a transaction that included Townsend. More recently Marel absorbed Wenger in the U. S. Approximately a quarter of the equity in Marel is owned by family-held EYIR Investments with the remainder by the Icelandic Pension Fund and other public entities.
The preliminary JBT offer was rejected by the Board of Marel but as with all first approaches, the Board indicated that any proposals that fully reflect the value of Marel would be considered. The merger would be subject to due diligence and approval by appropriate regulatory authorities.
If the transaction is completed the two largest multinational poultry meat processing companies would revert to U.S. ownership. Meyn Food Processing Technology b.v is a subsidiary of CTB Inc. a Berkshire Hathaway company since acquisition in 2018.