Exhibit 99.1
JBT Corporation Receives Extension of PUSU Deadline for Proposal to Merge With Marel
Deadline extended to January 19, 2024
CHICAGO – January 5, 2024 – JBT Corporation (NYSE: JBT) (“JBT”), a leading global technology solutions provider to high-value
segments of the food & beverage industry, today announced that the Financial Supervisory Authority of the Central Bank of Iceland (the “FSA”) has granted an extension to the deadline for JBT to announce its final decision on
whether to make a voluntary takeover offer for all of the outstanding common stock of Marel hf. (“Marel”) (the “PUSU Deadline”) in relation to JBT’s non-binding proposal originally
submitted to the Board of Directors of Marel on November 24, 2023 and subsequently revised on December 13, 2023. In accordance with Article 102 of the Icelandic Takeovers Act no. 108/2007, JBT was required to announce its intentions by no
later than January 5, 2024. This announcement follows Marel’s disclosure that the FSA has extended the PUSU Deadline to January 19, 2024.
The potential merger with Marel is consistent with JBT’s strategic plan and M&A objectives of pursuing transactions with strong industrial logic and
with significant synergy potential to enhance shareholder value. JBT intends to remain disciplined with respect to its pursuit of this transaction, both in terms of valuation and ensuring a strong pro forma balance sheet as well as future strategic
flexibility.
The issuance of a binding offer remains subject to the approval of JBT’s Board of Directors, and there can be no assurance that any
formal offer will be made as a result of these considerations.
Goldman Sachs Co LLC is acting as JBT’s financial advisor and LEX and
Kirkland & Ellis LLP are serving as legal counsel.
About JBT Corporation
JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to high-value segments of the food & beverage industry. JBT designs,
produces, and services sophisticated products and systems for a broad range of end markets, generating roughly one-half of its annual revenue from recurring parts, service, rebuilds, and leasing operations.
JBT Corporation employs approximately 5,100 people worldwide and operates sales, service, manufacturing, and sourcing operations in more than 25 countries.
Forward-Looking Statements
This release contains
forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and such statements are intended to qualify for the protection of the
safe harbor provided by the PSLRA. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond JBT’s ability to control. These
forward-looking statements include, among others, statements relating to our business and our results of operations, a potential transaction with Marel hf and our objectives, strategies, plans, goals and targets. The factors that could cause our
actual results to differ materially from expectations include but are not limited to the following factors: the risk that a transaction may not occur; fluctuations in our financial results; unanticipated delays or acceleration in our sales cycles;
deterioration of economic conditions, including impacts from supply chain delays and reduced material or component availability; inflationary pressures, including increases in energy, raw material, freight, and labor costs; disruptions in the
political, regulatory, economic and social conditions of the countries in which we conduct business; changes to trade regulation, quotas, duties or tariffs; risks
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