JBT (John Bean Technologies) has signed an agreement for the acquisition of LEKTRO—manufacturer and supplier of high-quality, all-electric towbarless tow and pushback vehicles for business jets and commercial aviation market.
With a price-tag of $48 million, the transaction is expected to close during the first quarter of the year (2019), before customary post-closing adjustments.
Tom Giacomini, JBT’s chairman, president and chief executive officer, said: “LEKTRO provides AeroTech with a more comprehensive and compelling offering of ground support equipment by expanding its range of products for narrow body and smaller aircraft.
“As ground handlers and airport operators increasingly focus on their environmental footprint and productivity, AeroTech is now well positioned to lead in the market supporting the growing demand for emissions-free ground support equipment.”
LEKTRO is expected to add annual revenue of approximately $35 million and JBT expects earnings to be slightly dilutive in 2019 and accretive by $0.03 to $0.05 each share in 2020.
Eric Paulson, owner of LEKTRO, said: “We are excited to be part of JBT. Together our companies will provide customers a global sales and support presence, a much broader portfolio of products and services, and deeper engineering capabilities for future product development.”
The family of LEKTRO’s all-electric towbarless vehicles will complement JBT AeroTech’s expanding line-up of diesel tow tractors and other Ground Support Equipment (GSE) products including deicers, belt loaders, mobile stairs, ground power units and more.
Dave Burdakin, executive vice president and president of JBT AeroTech, said: “LEKTRO’s reputation for great customer service and products that are easy to operate, easy to maintain, and highly reliable makes it an ideal fit for JBT AeroTech”
LEKTRO is located in Warrenton, Oregon and will join JBT AeroTech’s GSE business unit to provide an industry leading line up of aviation solutions. Leadership at LEKTRO will remain unchanged.
Photo credit: LEKTRO – AP88 Series Aircraft Tug