JBT Corporation Transitions to Publicly-Traded Company
CHICAGO, August 1, 2008
Spinoff from FMC Technologies successfully completed
John Bean Technologies Corporation (JBT Corporation) today announced that its spin-off from FMC Technologies, Inc. (NYSE: FTI) is complete and that shares of its common stock are trading on the New York Stock Exchange (NYSE) under the symbol "JBT".
In connection with the spinoff, FMC Technologies shareholders received 0.216 shares of JBT Corporation common stock for every one share of common stock they held in FMC Technologies as of the close of business on July 22, 2008. One hundred percent of the approximately 27.6 million shares of JBT Corporation common stock were distributed.
JBT Corporation Chairman and Chief Executive Officer Charlie Cannon will be joined by other senior JBT Corporation leaders as he rings The Opening BellSM at the NYSE on August 4th to celebrate the occasion. In addition, after the close of trading on July 31, 2008, Standard & Poor's added JBT Corporation to its S&P SmallCap 600 Index.
"Listing our shares on the NYSE, the world's leading and most global capital market, is a historic event and marks a new beginning for JBT Corporation as a global leader in the food processing and air transportation industries," said Cannon. "We will continue to strengthen our company, expand and deepen our relationships with our strong customer base, and invest in initiatives that will further improve our technology leadership."
Joining Charlie Cannon on the JBT Corporation Board are the following outside directors.
C. Maury Devine served in various positions within ExxonMobil Corporation since 1994 including President and Managing Director of ExxonMobil Norway and Secretary of Mobil Corporation. She previously held positions within the U.S. Government and is currently a Board Member of FMC Technologies, Inc. and Det Norske Veritas.
Alan D. Feldman has served as the Chairman, President and CEO of Midas, Inc. since 2003. He previously held senior management positions within McDonald’s Corporation and PepsiCo, Inc. and is currently a Board Member of Footlocker, Inc.
James E. Goodwin served as the Chairman and CEO of UAL Corporation and United Air Lines, Inc. from 1999 to 2001 and is currently a Board Member of AAR Corporation, Federal Signal Corporation and First Chicago Bank & Trust.
Polly B. Kawalek served as President of PepsiCo, Inc.’s Quaker Foods division from 2002 to 2004 and previously held various positions for 25 years within Quaker Oats. She is currently a Board Member of Martek Biosciences Corporation and Kimball International, Inc.
James M. Ringler has served as Chairman of Teradata Corporation since 2007. He previously held senior management positions with Illinois Tool Works, Premark International Inc., White Consolidated Industries and The Tappan Company and is currently a Board Member of FMC Technologies, Inc., The Dow Chemical Company, Corn Products International, Inc. and Autoliv Inc.
James R. Thompson has served in various positions with Winston & Strawn LLP since 1991, including Senior Chairman and Chairman. He was the Governor of Illinois from 1977 to 1991 and is currently a Board Member of FMC Technologies, Inc., Navigant Consulting Group, Inc. and Maximus, Inc.
"I am very excited about the breadth of experience and expertise in the directors who are joining JBT Corporation’s Board. They provide, in aggregate, over 90 years of public company Board experience." Cannon stated.
JBT Corporation (NYSE: JBT) is a leading global solutions provider to the food processing and air transportation industries. The Company designs, manufactures, tests and services technologically sophisticated systems and products for regional and multi-national industrial food processing customers through its JBT FoodTech segment and for domestic and international air transportation customers through its JBT AeroTech segments. JBT Corporation employs approximately 3,100 people and operates 16 manufacturing facilities in 10 countries. For more information please visit www.jbtcorporation.com.