MIRA INFORM REPORT

Report No. :	500879
Report Date :	31.03.2018

IDENTIFICATION DETAILS

Name :	JOHN BEAN TECHNOLOGIES CORPORATION

Registered Office :	Corporation Trust Center 1209 Orange St, Wilmington, New Castle, De, 19801

Country :	United States

Financials (as on) :	31.12.2017

Date of Incorporation :	12.05.1994

Legal Form :	Corporation

Line of Business :	Subject designs, manufactures, tests, installs, and services products and systems for the food and beverage, and air transportation industries.

No. of Employees :	5,800

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

United States

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

UNITED STATES - ECONOMIC OVERVIEW

The US has the most technologically powerful economy in the world, with a per capita GDP of $57,300. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment; however, their advantage has narrowed since the end of World War II. Based on a comparison of GDP measured at purchasing power parity conversion rates, the US economy in 2014, having stood as the largest in the world for more than a century, slipped into second place behind China, which has more than tripled the US growth rate for each year of the past four decades.

In the US, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, businesses face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.

Long-term problems for the US include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits.

The onrush of technology has been a driving factor in the gradual development of a "two-tier" labor market in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. But the globalization of trade, and especially the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income.

Imported oil accounts for nearly 55% of US consumption and oil has a major impact on the overall health of the economy. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. Because the US economy is energy-intensive, falling oil prices since 2013 have alleviated many of the problems the earlier increases had created.

The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the US into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009, Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012, the Federal Government reduced the growth of spending and the deficit shrank to 7.6% of GDP. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.

Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2014, the direct costs of the wars totaled more than $1.5 trillion, according to US Government figures.

In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million Americans by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on healthcare - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010.

In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight.

In December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short-term rates near zero until unemployment dropped below 6.5% or inflation rose above 2.5%. In late 2013, the Fed announced that it would begin scaling back long-term bond purchases to $75 billion per month in January 2014 and further reduce them as conditions warranted; the Fed ended the purchases during the summer of 2014. In 2014, the unemployment rate dropped to 6.2%, and continued to fall to 5.5% by mid-2015, the lowest rate of joblessness since before the global recession began; inflation stood at 1.7%, and public debt as a share of GDP continued to decline, following several years of increases. In December 2015, the Fed raised its target for the benchmark federal funds rate by 0.25%, the first increase since the recession began. With US GDP growth below 2%, the Fed opted to raise rates three times since then, and in mid-June 2017, the range for the target rate stood at 1% to 1.25%.

Source : CIA

STATUTORY INFORMATION

Legal Name:

JOHN BEAN TECHNOLOGIES CORPORATION

TradeName:

JOHN BEAN TECHNOLOGIES CORPORATION

ID:

2402299

Date Created:

1994

Date Incorporated:

5/12/1994

Legal Address:

CORPORATION TRUST CENTER 1209 ORANGE ST, WILMINGTON, NEW CASTLE, DE, 19801, USA

Operative Address:

70 West Madison Street

Suite 4400

Chicago, IL 60602

United States

Telephone:

312-861-5900

Fax:

312-861-5897

Legal Form:

CORPORATION

Email:

Registered in:

DELAWARE

Website:

www.jbtcorporation.com

Contact:

Mr. Thomas W. Giacomini - Chairman of the Board, CEO & President

Staff:

5,800

Activity:

NAICS 1: Construction Machinery Manufacturing

SIC 1: Airport Construction Machinery

BANKS

BANK OF AMERICA

FIRST WESTERN BANK & TRUST

History

The company was founded in 1994.

Key Developments:

JBT Corporation Declares Dividend for the First Quarter of 2018, Payable on March 19, 2018

Feb 23 18

JBT Corporation announced that its Board of Directors has declared a first quarter 2018 cash dividend of $0.10 per share of outstanding common stock. The dividend will be payable on March 19, 2018 to stockholders of record at the close of business on March 5, 2018.

John Bean Technologies Corporation to Report Q4, 2017 Results on Feb 26, 2018

Feb 6 18

John Bean Technologies Corporation announced that they will report Q4, 2017 results at 5:00 PM, Eastern Standard Time on Feb 26, 2018

PRINCIPAL ACTIVITY

John Bean Technologies Corporation designs, manufactures, tests, installs, and services products and systems for the food and beverage, and air transportation industries.

Products/Services description:

The company operates through JBT FoodTech and JBT AeroTech segments. It provides chilling, mixing/grinding, injecting, marinating, tumbling, portioning, packaging, coating, frying, freezing, weighing solutions, X-ray food inspection, and packaging systems for poultry, beef, pork, and seafood, as well as ready-to-eat meals, fruits, vegetables, dairy, and bakery products; solutions to extract, concentrate, and aseptically process citrus, tomato and other fruits, vegetables, and juices; and solutions for the filling, closing, and preservation of fruits, vegetables, soups, sauces, and dairy and pet food products, as well as ready-to-eat meals. The company also offers automated guided vehicle systems for material handling in the manufacturing and warehouse industries; packaging material components, such as metal clips and hanging loops; labeling systems; and aftermarket products, parts, and services. In addition, it provides mobile air transportation equipment, such as commercial and military cargo loading, aircraft deicing, aircraft towing, and ground aircraft power and cooling systems; and airport gate equipment for passenger boarding. Further, the company offers airport equipment, systems, and facilities maintenance services to domestic and international airport authorities, passenger airlines, airfreight and ground handling companies, military forces, and defense contractors.

Brands:

It provides its products under the DSI, Stein, THERMoFIN, GYRoCOMPACT, Stream, Double D, Revoband, FLoFREEZE, ADVANTEC, SuperTRAK, and READYGo trademarks; and Frigoscandia brand.

Sales are:

Wholesale

Clients:

Servicios Industriales Gonzalez Sa de Cv

Collado Industries S.A.De C.V.

Derivados De Leche La Esmeralda SA De Cv

Agrana Fruit Mexico Sa de Cv

Conagra Foods Mexico SA De Cv

John Bean Technologies De Mexico S.De R.L. De C.V.

Industrializadora De Carnicos Strattega Sa De Cv

Agricola Oficial S.A.Agroficial (Ecuador)

Aditmaq Aditivos y Maquinarias Cia. Ltda

Techno Food S.A.S.

Suppliers:

John Bean Technologies Ltd

ANOVI Engineering Pvt. Ltd.

Omnitech Engineering

Kessler & Co Gmbh & Co.Kg

Operations area:

National and International

The company imports from

UNITED KINGDOM

INDIA

GERMANY

The company exports to

MEXICO

ECUADOR

COLOMBIA

The subject employs

5,800 employees

Payments:

Regular

LOCATION

Headquarters :

70 West Madison Street

Suite 4400

Chicago, IL 60602

United States

Comments on Address:

The address given in the order is a branch location.

This business is located at 1805 W 2550 S, a commercial address in Ogden, UT. The commercial property was last sold on September 30, 2003 for $2.03 million USD.

The commercial building has an estimated value of $4.81 million USD, which places it among the most valuable 10% of commercial properties in the area. When the building was last assessed in 2012, the assessment value was $4.66 million USD.

With 16,000 square feet of space, this building is much larger than most commercial properties in the 84401 zip code - the average in the area is 2,956 square feet.

Branches:

The company has several branches. Some of them are:
John Bean Technologies Corporation (Branch Location)

1805 W 2550 S

Ogden, Utah 84401-3396

United States

John Bean Technologies Corporation (Branch Location)

20 Kieffer Ln

Kingston, New York 12401-2209

United States

John Bean Technologies Corporation (Branch Location)

2300 W Industrial Ave

Madera, California 93637-5210

United States

John Bean Technologies Corporation (Branch Location)

3100 Pennsylvania Ave

Ogden, Utah 84401-3328

United States

Related Companies:

We attach the company´s list of subsidiaries.

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

Listed at the stock exchange:

John Bean Technologies Corporation (JBT)

Market Capital:

3.59B

Outstanding Shares:

31,577,182

Shareholders:

Direct Holders
Name	Shares
GIACOMINI THOMAS	179,929
KAWALEK POLLY B	65,438
FELDMAN ALAN D	54,493
DEVINE CAROLINE MAURY	48,363
GOODWIN JAMES E	47,820
RINGLER JAMES M	47,587
SMITH STEVEN R	41,678
DECK BRIAN A	41,182
BURDAKIN DAVID C	32,042
DOHENY EDWARD L II	24,826
Top Institutional Holders
Holder	Shares
Blackrock Inc.	3,924,309
Price (T.Rowe) Associates Inc	3,811,593
Vanguard Group, Inc. (The)	2,906,629
Wells Fargo & Company	1,217,269
JP Morgan Chase & Company	1,053,983
Goldman Sachs Group, Inc.	942,485
Eagle Asset Management Inc	886,961
State Street Corporation	835,521
Invesco Ltd.	782,378
BAMCO Inc.	773,300
Top Mutual Fund Holders
Holder	Shares
iShares Core S&P Smallcap ETF	1,474,497
Price (T.Rowe) Small Cap Stock Fund	1,067,300
Vanguard Small-Cap Index Fund	733,515
Vanguard Total Stock Market Index Fund	724,028
Carillon Ser Tr-Carillon Eagle Small Cap Growth Fund	623,590
iShares Russell 2000 ETF	620,795
Price (T.Rowe) Small-Cap Value Fund	600,200
Vanguard Explorer Fund, Inc.	572,457
Global X Fds-Global X Robotics & Artificial Intelligence Thematic ETF	490,462
Price (T.Rowe) Institutional Small-Cap Stock Fund	473,233

Management:

Mr. Thomas W. Giacomini - Chairman of the Board, CEO & President

Mr. Brian A. Deck - Executive VP & CFO

Mr. David C. Burdakin - Executive VP & President of JBT AeroTech

Mr. Steven R. Smith - Executive Vice President

Mr. James L. Marvin - Executive VP, General Counsel & Secretary

FINANCIAL INFORMATION

We attach company’s last financial statements.

JBT Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017.

For the quarter, the company reported revenue of $483.7 million, operating income of $53.4 million, net interest expense of $3.3 million, income from continuing operations before income taxes of $50.1 million, income from continuing operations of $19.8 million, net income of $19.4 million, diluted earnings per share from continuing operations of $0.61 million, adjusted income from continuing operations of $35.6 million, adjusted diluted earnings per share from continuing operations of $1.1 million, EBITDA of $67.2 million, adjusted EBITDA of $67.6 million, compared to revenue of $405 million, operating income of $34.3 million, net interest expense of $2.4 million, income from continuing operations before income taxes of $31.9 million, income from continuing operations of $23.4 million, net income of $23.1 million, diluted earnings per share from continuing operations of $0.78 million, adjusted income from continuing operations of $25.4 million, adjusted diluted earnings per share from continuing operations of $0.85 million, EBITDA of $45.6 million, adjusted EBITDA of $48.5 million, for the same period a year ago.

For the year to date the company reported revenue of $1,635.1 million, operating income of $145.8 million, net interest expense of $13.6 million, income from continuing operations before income taxes of $132.2 million, income from continuing operations of $82.1 million, net income of $80.5 million, diluted earnings per share from continuing operations of $2.58 million, adjusted income from continuing operations of $98.8 million, adjusted diluted earnings per share from continuing operations of $3.1 million, EBITDA of $197.5 million, adjusted EBITDA of $199.2 million, compared to revenue of $1,350.5 million, operating income of $103.4 million, net interest expense of $9.4 million, income from continuing operations before income taxes of $94 million, income from continuing operations of $68 million, net income of $67.6 million, diluted earnings per share from continuing operations of $2.28 million, adjusted income from continuing operations of $76.4 million, adjusted diluted earnings per share from continuing operations of $2.56 million, EBITDA of $141.9 million, adjusted EBITDA of $154.2 million, for the same period a year ago. Cash provided by operating activities was $104.6 million against $67.4 million a year ago.

Capital expenditures were $37.9 million against $37.1 million a year ago. For the full year of 2018, the company anticipates revenue growth of 10% to 13%, reflecting organic growth of 7% to 8%, 2% to 3% from completed acquisitions, and a net benefit of 1% to 2% from adoption of the new ASC 606 revenue recognition standard.

The company forecasts diluted earnings per share from continuing operations in the range of $3.85 to $4.05 in 2018 with operating margin expansion of 100 to 125 basis points.

The current guidance includes a benefit of $0.18 to $0.20 per share from a lower tax rate associated with U.S. Tax Reform. For the first quarter of 2018, the company projects revenue growth of approximately 8% and diluted earnings per share from continuing operations of $0.32 to $0.36. The first quarter to be impacted by project-related timing, the resolution of aforementioned operational inefficiencies, and higher R&D spending on new product development.

LEGAL FILINGS

PATENTS

Blocked orifice tube sensor for citrus juice extractor

Patent number: 8955428

Abstract: A juice extractor includes a strainer tube mounted to receive juice and pulp of a fruit. An orifice tube reciprocates within the strainer tube and has an ejection port and is configured to generate pressure and separate juice and pulp, collect core, and discharge core out of the ejection port. A sensor is positioned adjacent the orifice tube and configured to sense material ejected from the ejection port.

Type: Grant

Filed: July 30, 2012

Date of Patent: February 17, 2015

Assignee: John Bean Technologies Corporation

Inventors: Michael L. Suter, Jose D. Milla, David S. Danner

Conveying conformable products

Patent number: 7500550

Abstract: A buffer conveyor (12) for conveying conformable work products (66) includes a collapsible conveyor belt (13) having an infeed section (14), a collapsible intermediate section (16) and an outfeed section (18). The infeed section (14) may be driven at a non-continuous speed, and the outfeed section may also be driven at a uniform, or non-continuous, speed, but the average speed of both the infeed and outfeed sections is the same. The intermediate section of the conveyor is driven at a non-uniform speed that is slower than, but proportional to, the speed of the infeed section.

Type: Grant

Filed: December 28, 2005

Date of Patent: March 10, 2009

Assignee: John Bean Technologies Corporation

Inventors: John R. Strong, Lennart Olsson

CONTINUOUS LOW TEMPERATURE PASTEURIZATION SYSTEM AND METHOD

Publication number: 20150010679

Abstract: A continuous low temperature food pasteurization system (10) includes a conveyor system (20) for conveying food products (FP) through a pasteurization chamber (40). A pre heater (140) may be located upstream from the pasteurization chamber, and an optional post heater (160) may be located downstream from the pasteurization chamber. A chiller and/or freezer (100) rapidly chills and/or freezes the food product after pasteurization as the conveyor system conveys the food product through the freezer. A control system (250) controls the operation of the pasteurization system to ensure that a desired percentage of pathogenic microorganisms present on the surface and/or within the interior of the food product are killed.

Type: Application

Filed: July 2, 2014

Publication date: January 8, 2015

Applicant: John Bean Technologies Corporation

Inventors: John R. Strong, Richard Daniel Stockard, Jon A. Hocker

GOVERNMENT CONTRACTS

Government Contractor: JOHN BEAN TECHNOLOGIES CORPORATION

Name & Address: 1805 W 2550 S

OGDEN, UT 84401-3396

Number of Defense Contracts Awarded : 289

Dollar Amount of Defense Contracts Awarded:$62,462,024

Government Contractor: JOHN BEAN TECHNOLOGIES CORPORATION

Name & Address: 7300 PRESIDENTS DR

ORLANDO, FL 32809-5620

Number of Defense Contracts Awarded : 177

Dollar Amount of Defense Contracts Awarded:$158,036,193

CASES

John Bean Technologies Corporation v. Twist Inc

Plaintiff: John Bean Technologies Corporation

Defendant: Twist Inc

Case Number: 1:2018cv00159

Filed: March 2, 2018

Court: Ohio Southern District Court

Office: Cincinnati Office

County: XX US, Outside State

Presiding Judge: Susan J. Dlott

Nature of Suit: Other Statutory Actions

Cause of Action: 18:1836

Jury Demanded By: Plaintiff

Kevork Manoukian v. John Bean Technologies Corporation et al

Plaintiff: Kevork Manoukian

Defendant: Does, John Bean Technologies Corporation and Miguel Villas

Case Number: 2:2018cv01307

Filed: February 16, 2018

Court: California Central District Court

Presiding Judge: S. James Otero

Referring Judge: Alicia G. Rosenberg

Nature of Suit: Other

Mitchell v. John Bean Technologies Corporation et al

Plaintiff: Monica Mitchell

Defendant: John Bean Technologies Corporation, Elite Line Services Inc., Siemens Postal, Parcel & Airport Logistics, LLC and Does 1 through 100

Case Number: 3:2017cv01213

Filed: June 14, 2017

Court: California Southern District Court

Office: San Diego Office

County: San Diego

Referring Judge: Ruben B. Brooks

Presiding Judge: William Q. Hayes

Nature of Suit: Personal Injury- Product Liability

Cause of Action: 28:1441

Jury Demanded By: Defendant

TRADEMARKS

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