Chicago-based JBT Corp. has completed the acquisition of Eastlake-based Bevcorp announced earlier this summer.
A news release noted the purchase had an "enterprise value of $290 million, subject to customary post-closing adjustments." Costs associated with the purchase are expected to be about $9 million, and Bevcorp is not expected to meaningfully impact JBT's adjusted earnings per share this year.
Bevcorp, which had been a subsidiary of Enprotech Corp. in Cleveland, is an equipment and aftermarket support provider for the beverage market, offering technology in areas like "blending, handling, filling, and closing," the release said. JBT provides technology throughout the food and beverage industry.
"By integrating Bevcorp into the JBT family of brands and leveraging our global sales and service network, we can expand Bevcorp's growth opportunities beyond the United States," JBT president and CEO Brian Deck said in the release. "Additionally, JBT's existing strength in non-carbonated beverage and food processing creates cross selling synergies with Bevcorp."
Cleveland-Cliffs Inc. has reached a tentative agreement with the United Steelworkers for mining and pelletizing locations in Minnesota and Michigan, the iron ore and steel producer announced in a news release.
The new contract would cover about 2,000 USW-represented employees for 47 months, starting Oct. 1 of this year. The agreement is subject to union ratification.
"Reaching a second labor agreement in less than two weeks reaffirms our great alliance with the USW," Cleveland-Cliffs chairman, president and CEO Lourenco Goncalves said in the release. "It also confirms one more time that we know very well our responsibilities as the supplier of choice to clients in critical sectors, such as military and automotive. We have now demonstrated twice why Cleveland-Cliffs gets things done and how we act: we negotiate respectfully, fairly and privately. A strong workforce is critical to our present and future competitiveness, and we look forward to continuing our shared success with our USW partners."
The board of directors for Nordson Corp. has authorized the repurchase of up to $500 million of the Westlake-based precision technology company's outstanding common shares. This is in addition to $160 million left from a 2018 board authorization, a news release stated.
"The Board's action reflects continued confidence in the execution of our Ascend strategy, designed to deliver top-tier growth with leading margins and returns," Nordson executive vice president and CFO Joseph Kelley said in the release. "Consistent cash generation is a strength of our business. We are pleased to return this value to our shareholders through annual dividends and disciplined share repurchases, particularly in this dynamic environment. We also will continue making investments to fund long-term organic and acquisitive growth opportunities."
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