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Here are 1-2 brief analogies for JBT Marel (JBTM):

• John Deere for food factories: Like John Deere provides heavy equipment and technology for agriculture, JBT Marel provides advanced machinery and systems for industrial food processing.
• Intel for the food industry: Similar to how Intel provides the critical 'brains' and components for computers, JBT Marel provides essential processing technology and automation that powers the global food production industry.

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• Protein Processing Systems: Integrated equipment and solutions for processing poultry, meat, and fish products from raw material to finished goods.
• Liquid & Aseptic Processing Systems: Machinery and technologies for processing fruits, vegetables, dairy, and other liquid foods, often using aseptic methods for preservation.
• Food Processing Services & Software: Comprehensive aftermarket support including maintenance, parts, digital solutions, and upgrades to ensure optimal performance of food processing lines.
• Air Transportation Ground Support Equipment: Specialized vehicles and systems used at airports for aircraft maintenance, cargo handling, and passenger services.

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JBT Marel (symbol: JBTM) primarily sells to other companies, operating on a Business-to-Business (B2B) model. It provides technology solutions, equipment, and services to the global food and beverage processing industries.

Due to the nature of its business and client confidentiality, JBT Marel does not publicly disclose a list of specific "major customers" by name. The company serves a broad and diverse global customer base within the food processing sector, ranging from small regional players to large multinational corporations.

Instead of naming specific companies, JBT Marel's customers can be categorized by the types of food products they process. These categories represent the industries and types of companies that utilize JBT Marel's solutions:

• Meat and Poultry Processors: Companies involved in the slaughter, processing, and packaging of beef, pork, lamb, chicken, and turkey products. This includes producers of fresh meat cuts, processed meats (sausages, bacon), and convenience poultry items.
• Seafood Processors: Businesses that handle the processing, filleting, freezing, and packaging of various fish and shellfish products, both wild-caught and aquaculture-farmed.
• Dairy, Bakery, and Plant-Based Food Producers: Companies manufacturing a wide range of products including dairy items (e.g., cheese, yogurt ingredients), baked goods (bread, pastries), confectionery, and the rapidly growing sector of plant-based meat and dairy alternatives.
• Fruit & Vegetable Processors and Convenience Food Manufacturers: Businesses that process fruits and vegetables for fresh, frozen, canned, or prepared food applications, as well as companies specializing in the production of ready meals, sauces, soups, and other convenience foods.

Given the broad global reach and the extensive range of products JBT Marel offers, its customer base encompasses virtually all segments of the global food processing industry, making it challenging to identify a few dominant "major customers" by name, as they serve thousands of clients worldwide.

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Brian A. Deck, Chief Executive Officer

Brian A. Deck has served as Chief Executive Officer of JBT Marel Corporation since December 2020. He joined JBT in 2014 as Chief Financial Officer. [cite: 6 previous turn] Prior to his time at JBT, Mr. Deck was Chief Financial Officer of National Material L.P. from May 2011, a private diversified industrial holding company. [cite: 6 previous turn] From August 2005 to May 2011, he held various finance leadership roles at Ryerson Inc., a metals distributor and processor. [cite: 6 previous turn] Notably, Ryerson Inc. was acquired by the private equity firm Platinum Equity in a $2.0 billion take-private transaction in July 2007, during which Mr. Deck was involved in comprehensive restructuring programs, raising debt capital, and leading five acquisitions. [cite: 3, 8, 9, 10, 12 previous turn] His earlier career included positions at General Electric Capital, Bank One (now JPMorgan Chase & Co.), and Cole Taylor Bank. [cite: 6 previous turn]

Árni Sigurdsson, President

Árni Sigurdsson was appointed President of JBT Marel upon the closing of the Marel transaction in January 2025. Before this, he served as Chief Executive Officer of Marel from December 2023, and as Interim CEO since November 2023. Mr. Sigurdsson joined Marel in 2014 as Head of Strategy, later becoming Chief Strategy Officer & Executive Vice President of Strategic Business Units from 2020 to 2022. His experience before Marel includes working at AGC Partners and Landsbanki Íslands, where he supported Marel in the acquisition of Stork Food Systems.

Matthew J. Meister, Executive Vice President and Chief Financial Officer

Matthew J. Meister was appointed Executive Vice President and Chief Financial Officer of JBT Marel in January 2025, having served as JBT Corporation's Chief Financial Officer since December 2020 and interim CFO since October 2020. [cite: 6, 9 previous turn, 16 previous turn] He initially joined JBT in May 2019 as Vice President and CFO for JBT Protein. [cite: 6 previous turn, 16 previous turn] Prior to JBT, Mr. Meister gained extensive experience in global manufacturing at IDEX Corporation, where he held several operational finance leadership roles, culminating as Group Vice President, Health and Science Technologies. [cite: 2 previous turn, 16 previous turn] He also held various roles of increasing responsibility at Navistar International Corporation before joining IDEX. [cite: 2 previous turn, 16 previous turn]

Shelley Bridarolli, Executive Vice President and Chief Human Resources Officer

Shelley Bridarolli was appointed Executive Vice President and Chief Human Resources Officer of JBT Marel following the combination of JBT and Marel in January 2025. [cite: 9 previous turn] She had been Executive Vice President and Chief Human Resources Officer for JBT Corporation since September 2021. [cite: 9 previous turn] Ms. Bridarolli's background includes serving as Senior Vice President Human Resources of Dana Incorporated from November 2018 to April 2020, and as Vice President Human Resources for the PowerDrive Systems Division of BorgWarner, Inc. before that. [cite: 9 previous turn]

Luiz "Augusto" Rizzolo, Executive Vice President, Regions and Integration

Luiz "Augusto" Rizzolo became Executive Vice President, Regions and Integration for JBT Marel in January 2025. [cite: 9 previous turn] Prior to this role, he was Executive Vice President and President, Diversified Food and Health for JBT Corporation since October 2022. [cite: 9 previous turn] His tenure at JBT also included serving as President, Protein North America from 2020 to 2024, and Vice President, General Manager of Protein North America Customer Care from 2019 to 2020. [cite: 9 previous turn] Before joining JBT, Mr. Rizzolo was the Group President, Specialty Retail Business at Marmon Holdings, Inc. from 2018 to 2019. [cite: 9 previous turn]

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Integration Challenges and Failure to Realize Synergies

Increased Indebtedness and Financial Position

Litigation and Legal Liabilities Related to the Marel Transaction

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JBT Marel Corporation (JBTM) operates in key markets related to food processing and automation solutions for the food and beverage industry.

Food Processing Equipment

The global market for food processing equipment was estimated at approximately USD 52.69 billion in 2023 and is projected to reach USD 69.30 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.0% from 2024 to 2030. Another estimate values the global food processing and handling equipment market at USD 117.81 billion in 2024, with a projected growth to USD 189.51 billion by 2032, exhibiting a CAGR of 6.3%. Furthermore, the food processing machinery market is estimated to be USD 83.48 billion in 2025 and is projected to reach USD 110.299 billion by 2030, expanding at a 5.73% CAGR. The addressable market specifically for meat processing equipment sales is estimated at around EUR 7 billion (approximately USD 7.6 billion).

Food Automation Solutions

The global food industry automation solution market was valued at USD 21.56 billion in 2024 and is projected to grow to USD 34.67 billion by 2032, at a CAGR of 7.3%. Another report indicates the food processing automation market size was valued at USD 27.95 billion in 2025 and is forecast to reach USD 40.12 billion by 2030, reflecting a 7.49% CAGR. North America holds a significant share of this market, approximately 35% in 2023, while Europe accounts for around 30% of the global share. The Asia-Pacific region is also an emerging market, holding approximately 25% of the global share.

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1. Synergy Realization from the JBT-Marel Combination: The merger of JBT and Marel is expected to drive significant synergy savings, with the company remaining on track to achieve $150 million in annual run-rate savings within three years of the combination. These synergies, coupled with strong manufacturing and supply chain productivity, have already contributed to better-than-expected revenue conversion and margins, which can be reinvested to fuel further growth.
2. Robust Demand in Key End Markets: JBT Marel is experiencing strong demand in critical sectors, particularly in the poultry and pet food industries. The company's performance in the third quarter of 2025 was notably driven by this demand, alongside improvements in its fish and meat businesses. This sustained strength in core markets is anticipated to continue driving revenue growth.
3. Expansion of Automation and Digital Solutions: The company's strategic focus on automation and digital integration is bolstering its competitive position. JBT Marel is expanding its automation solutions and exploring a shift towards subscription-based revenue models for these offerings. The ability to provide full-line solutions, encompassing everything from meat preparation to freezing and software, as demonstrated by a recent hamburger line order, positions the company to capture comprehensive project revenue.
4. Growth in High-Margin Recurring Revenue (Aftermarket and Services): JBT Marel is seeing significant contributions from recurring revenue streams and operational efficiencies. There is a clear consensus that momentum in high-margin service revenues will be a major lever for margin expansion through at least 2027, indicating a strategic emphasis on expanding its aftermarket and service offerings.
5. Strategic Geographic Expansion with Global Production Centers: The inauguration of new global production centers, such as the one in Pune, India, aims to establish regional expert hubs and extend JBT Marel's application expertise to broader markets like Asia Pacific. This localized production capability provides flexibility, helps mitigate tariff impacts, and is expected to support profitable growth in key regions.

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Share Repurchases

• Marel hf. initiated share buyback programs in 2022, authorizing the repurchase of up to 4,000,000 shares on Nasdaq Iceland and up to 1,000,000 shares on Euronext Amsterdam, primarily to meet obligations under employee share incentive programs.
• Between June 1 and September 2, 2022, Marel hf. purchased a total of 4.6 million shares for approximately EUR 19.8 million.
• JBT Corporation authorized a new share repurchase plan of up to $30 million of its common stock, effective from January 1, 2022, through December 31, 2024.

Share Issuance

• JBT Corporation shareholders approved the issuance of JBT common stock in connection with the combination with Marel hf. in August 2024.
• As part of the voluntary takeover offer, Marel shareholders could elect to receive a mix of cash and JBT common stock, resulting in Marel shareholders holding approximately a 38% ownership interest in the combined JBT Marel Corporation.
• In February 2025, JBT Marel Corporation issued 493,150 new shares in connection with the compulsory acquisition of remaining Marel shares, bringing the total issued and outstanding shares to 51,884,100.

Inbound Investments

• JBT Corporation completed the acquisition of Marel hf. on January 2, 2025, in a transaction valued at approximately €3.5 billion enterprise value.
• On September 9, 2025, JBT Marel Corporation closed a private offering of $575 million aggregate principal amount of 0.375 percent convertible senior notes due 2030, with proceeds used to repay revolving credit facility borrowings and for hedge transactions.

Outbound Investments

• JBT Corporation made two strategic acquisitions in 2022, Bevcorp and Alco, to complement its FoodTech segment.
• Marel hf. acquired Wenger in 2022, expanding into pet food, plant-based protein, and aqua feed, establishing a fourth business segment.
• JBT Corporation launched a voluntary takeover offer to acquire all issued and outstanding shares of Marel hf. at €3.60 per share, with an overall consideration mix of approximately 65 percent JBT common stock and 35 percent cash.

Capital Expenditures

• Marel hf. reported capital expenditures of EUR 102.8 million in 2023 (EUR 101.2 million in 2022), primarily focused on automating and digitizing its manufacturing platform, supply chain, and aftermarket business.
• Marel hf. consistently invests approximately 5-6% of its revenues annually in innovation.
• JBT Corporation's capital expenditures for the full year 2022 were approximately $40 million, directed towards its digital strategy.