Iceland-based multi national food processing equipment manufacturer Marel has been acquired by John Bean Technologies Corporation (JBT).

The new combined company will be known as JBT Marel Corpoation, and has begun trading under the new stock ticker symbol ‘JBTM’ on the New York Stock Exchange (NYSE) and Nasdaq Iceland hf (Nasdaq Iceland).

Brian Deck is CEO of JBT Marel, while Árni Sigurdsson is president of the Company. In addition to Brian Deck and Árni Sigurdsson, JBT Marel said it would be led by a purpose-built management team comprised of executives from both organisations.

Árni Sigurdsson, formerly of Marel, now president of JBT Marel Corporation, stated: “I want to extend my appreciation to the JBT and Marel teams for their relentless commitment to serving our customers as well as their incredible efforts to complete this transformational merger.

“As we move forward, united as JBT Marel, we are focused on integrating the businesses to deliver continuity and enhanced value to our global customers, shareholders, and other stakeholders.”

Brian Deck, CEO of JBT Marel Corporation, commented: “The creation of JBT Marel Corporation 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.”