Category: June 2023

Sage Parts opens global headquarters in Greenville

Sage Parts opens global headquarters in Greenville resized Sage Parts has opened its new global headquarters and distribution operations in Greenville, South Carolina.

The Greenville County facility accommodates distribution operations and houses its new global headquarters including the leadership team, purchasing, finance, customer service, HR, product management and other support departments.

The 103,049 square foot leased building is Sage Parts’ first facility in South Carolina and the $1.7 million investment will create 73 new jobs.

Christopher Pratt, President and CEO of Sage Parts, said: “Sage Parts is very excited to open this new state-of-the-art facility to service our global customer base. After an exhaustive national search, we landed in Greenville County, S.C., for its business-friendly environment, expanding and talented workforce, and high quality of life for our employees.”

OshKosh to acquire JBT AeroTech for $800m

2023_05_30_AeroTech_news_popup Oshkosh Corporation has entered into a definitive agreement to acquire the AeroTech business from JBT Corporation for $800m.

The acquisition is expected to be finalised in the 3rd quarter of 2023 and completes the strategic decision announced last year by JBT’s CEO, Brian Deck to separate JBT’s FoodTech and AeroTech business.

In the announcement letter to customers, David Burdakin, President of JBT AeroTech, wrote: “Under Oshkosh, our future looks even brighter than ever. There are a lot of synergies between our two companies. Like JBT, Oshkosh is investing heavily in technology for electrification, automation, and telematics. Both companies are committed to providing industry leading customer service throughout the world.”

John Pfeifer, President and Chief Executive Officer of Oshkosh Corporation said: “This transaction supports our ‘Innovate. Serve. Advance.’ business strategy as we enter the attractive air transportation support space with a market-leading portfolio of purpose-built products and comprehensive service offerings. AeroTech meets all the criteria of our M&A priorities, and we believe it will enhance the financial profile of our vocational segment, further strengthening this growing segment and enabling it to move beyond our goal of $3 billion-plus annual revenue with double-digit margins. We look forward to working with the AeroTech team to integrate the business and unlock value for our customers and shareholders.”

In a press statement released by Oshkosh it explained when adjusted for the present value of expected tax benefits of approximately $80 million, the purchase price is $720m. This represents approximately 9x earnings before interest, taxes, depreciation and amortization (EBITDA) based on the expected 2023 second half run-rate or approximately 7.2x EBITDA including expected run-rate synergies.