FMC FoodTech and airport operations spun off as JBT Corp.FMC Technologies FMC Technologies, Incorporated (NYSE: FTI), is an American machinery and oil services technology company. FMC Technologies was incorporated in 2000 when FMC Corporation divested its machinery businesses. FMC Technologies Inc. , Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , USA, has spun off both its FoodTech food processing equipment business and its Airport Systems operation, which makes equipment like baggage loaders, into a new company called John Bean Technologies Corporation (JBT JBT John Butler Trio (Australian band) JBT Junior Bowlers Tour JBT Jack-Booted Thug JBT Jumper for Blue Tooth ). The change took effect June 30. The new company name goes back to the origins of FMC See fixed mobile convergence. in 1884, when inventor John Bean developed an innovative spray pump to combat San Jose scale San Jose scale, common name for a scale insect, Aspidiotus perniciosus, introduced from China into San Jose, Calif., c.1870 on nursery stock. The insect has since spread throughout much of the United States and Canada. in California's orchards. By the mid-1930s FMC was the world's largest manufacturer of machinery and equipment for handling fruits, vegetables, milk, fish and meat products. In 1996 FMC purchased Helsingborg, Sweden-based Frigoscandia Equipment, regarded as the world's leading food freezing equipment manufacturer--and today FMC FoodTech equipment is used to process more than 50% of all industrially-produced frozen food. FMC FoodTech sterilizes more than 50% of the world's shelf-stable canned foods as well. Sales Rise 21% in First Quarter The company's first quarter 2008 sales revenues of $147.2 million were up 21% over the same period in 2007; operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. was recorded at $13.1 million, up 35%. FMC FoodTech's Frigoscandia team has patented scores of processing systems and pieces of equipment over the years, ranging from apparatus for the air treatment of food products and for surface freezing, to apparatus for molding products and for freezing and cutting liquids. Frigoscandia will now be part of JBT, led by Chicago-based Charlie Cannon. JBT's first president and chief executive officer previously served as senior vice president of the FoodTech and Airport operations. "Our businesses have proprietary technologies, leading market shares and, most importantly, a dedicated team of skilled and talented individuals," said Cannon. "As an independent company, we will now have the ability to leverage these strengths with a focused marketplace strategy. We will have a unique opportunity to build upon our proud history and embark on a path leading to continued growth." FMC Technologies had announced its intention to combine the FoodTech and Airport Systems businesses into a separate company last October. A Form 10 registration statement for the new company was submitted to the United States Securities and Exchange Commission May 7, and the company also applied for a listing on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors JBT. |
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