Greetings from Charlie Cannon, JBT's chairman, ceo and president.
I am pleased to introduce you to our company, John Bean Technologies Corporation. I want to provide you with an initial overview of who we are, where we came from and what we do.
The businesses you have known as FMC FoodTech and FMC Airport Systems are now JBT FoodTech and JBT AeroTech--the two cornerstones of JBT Corporation. In our spin-off from FMC Technologies during the summer of 2008, we have incorporated all of the JBT FoodTech and JBT AeroTech businesses under the legal entity John Bean Technologies Corporation. Our new company is listed as an independent, publicly traded company on the New York Stock Exchange (NYSE) under the ticker symbol "JBT."
Our future is bright. In the industries we serve, food processing and air transportation, we have a long history of leadership. As a result, we have strong technology and market positions, a large equipment installed base, a global geographic footprint with extensive capabilities and, most importantly, a dedicated team of highly skilled and talented individuals. Our name has changed but the people, products and services so well known to our loyal, global customer base remain the same.
I am particularly proud that we are using the name of our founder, John Bean, in the name of our company. To highlight how much his legacy is a part of our new organization, here is a brief historical perspective.
We trace our roots back to the 1880s when John Bean, then an orchard owner and inventor, set out to solve a severe scale infestation affecting orchards in California's Santa Clara Valley. His solution was the invention of a continuous high-pressure spray pump to more efficiently apply insecticide on the trees. From this invention, the Bean Spray Pump Company was formed. Thriving on its innovative spirit, the company became the Food Machinery Corporation in 1929 and, three decades later, FMC Corporation.
By the mid-1990s, FMC Corporation had evolved into a globally diversified $5 billion manufacturing company serving the defense, chemical, energy, food processing and air transportation industries. In 1997, FMC Corporation started to narrow its strategic focus, first through the sale of its defense business and later by splitting the chemical and equipment businesses in 2001. Since then, these more focused companies have independently grown and prospered, providing strong returns to their shareholders under the names United Defense, FMC Corporation, and FMC Technologies.
Now, JBT Corporation has its opportunity to thrive as an independent company with a focused marketplace strategy. We honor our legacy by adopting the name of our founder. John Bean is a name synonymous with technology, innovation, and an entrepreneurial spirit--all of which are key tenets we will continue to employ as we mark a new era. We are proud to continue serving you under our new name, JBT Corporation.