Oshkosh Corporation to Acquire AeroTech Business from JBT Corporation, Adding Market Leader in Attractive Air Transportation Support Sector

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May 30, 2023

Oshkosh Corporation (NYSE: OSK), a leading innovator of purpose-built vehicles and equipment, today announced that it has entered into a definitive agreement to acquire the AeroTech business (“AeroTech”) from JBT Corporation (NYSE: JBT) in an $800 million all-cash transaction. When adjusted for the present value of expected tax benefits of approximately $80 million, the purchase price is $720 million. This represents approximately 9x earnings before interest, taxes, depreciation and amortization (EBITDA)1 based on the expected 2023 second half run-rate or approximately 7.2x EBITDA including expected run-rate synergies. Upon close, AeroTech will become part of the Oshkosh Vocational segment.