Monday, 26 September 2016

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Show Review: Over 300 Exhibitors at PotatoEurope 2...

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Potato Bowl Starts on September 13

Potato Bowl Starts on September 13

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Potato Processing International Magazine Invites You to Seminar at Potato Europe

Potato Processing International Magazine Invites Y...

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JBT Corporation Acquires Cooling and Applied Technologies

JBT Corporation Acquires Cooling and Applied Technologi...

 JBT Corporation, a global technology solutions provider for the food and beverage industry, announced ...

Americans Spent Over USD7bn on Potato Chips in 2015

Americans Spent Over USD7bn on Potato Chips in 2015

 Americans spent USD7.5bn on potato chips in 2015, or an average of roughly USD 23 for every man,woman ...

CIP Marks 45 Years in Potato Research

CIP Marks 45 Years in Potato Research

 International Potato Center (CIP) has recently marked its 45th anniversary. Nearly half a century ago,...

Key Technology Introduces VERYX Belt-Fed Digital Sorters to Europe

Key Technology Introduces VERYX Belt-Fed Digital Sorter...

 Key Technology introduces its VERYX belt-fed digital sorters to the European food processing industry ...

Case Study: Ishida Helps Spanish Snack Manufacturer to Grow

Case Study: Ishida Helps Spanish Snack Manufacturer to ...

 Aperitivos y Extrusionados (Apex), now one of Spain’s top three snack food manufacturers, uses Ishida ...

GEA to Present Equipment Portfolio at Chillventa

GEA to Present Equipment Portfolio at Chillventa

  From October 11 to 13, 2016, Chillventa will turn the trade show fairgrounds in Nuremberg into an in...

Lay’s Chalet Sauce Potato Chips Available in Canadian Retail

Lay’s Chalet Sauce P...

  Frito-Lay Core Global Brands, PepsiCo Foods Canada, a...

Cambodia Opens First Potato Research Centre

Cambodia Opens First...

 With potato consumption continuing to rise in the Kingdom...

New Potato for Diabetics, Growing at Waterdown Farm

New Potato for Diabe...

 Canadian consumers who avoid potatoes to reduce their car...

Inventure Foods Adds Kettle-Cooked Potato Chip Manufacturing to Factory

Inventure Foods Adds...

  Specialty foods marketer and manufacturer Inventure Foo...

Avebe Starts the Potato Harvest Campaign

Avebe Starts the Pot...

 Potato starch producer Avebe has recently announced the s...

Land-Grant Universities Bolster the US Potato Genebank’s Impact

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New Variety of Innate Potato Approved

New Variety of Innat...

  The J.R. Simplot Company has completed a voluntary cons...

The Use of Nicotine-based Pesticides Limited in Minnesota

The Use of Nicotine-...

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Greenpeace Issues Blacklist for Pesticides in EU

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Costs of Developing GM Potatoes Comparable to Conventional Varieties

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JBT Corporation, a leading global technology solutions provider to the food processing and air transportation industries, has announced cost reduction actions in its FoodTech segment in response to market conditions with an objective to improve margins.

 

"2011 was a challenging year for our FoodTech operations as we faced significant headwinds that negatively impacted our margins. Furthermore, economic uncertainties are pressuring demand in our major markets, particularly Europe and North America. As a result, we are implementing plans to re-align our FoodTech manufacturing capacity to further reduce costs and better address end market demand," said Charlie Cannon, Chairman and Chief Executive Officer.

"These actions are in line with a key element of our 4G strategy to grow margins, and we will continue to monitor the economic environment to implement further actions if necessary."

The Company's cost reduction actions reflect the following:
o Transferring manufacturing of certain freezer product lines to North America and China to improve flexibility to better address local market needs and to mitigate currency impacts in Sweden
o Consolidating batch sterilization equipment manufacturing footprint to reduce presence in higher cost regions
o Further reducing costs in response to lower demand in Europe and North America.

The cost reduction actions announced today primarily consist of a workforce reduction of approximately 115 positions and are expected to generate annualized pre-tax savings of approximately $9 million by 2013.

The company recognized essentially all of the pre-tax charge of approximately $10.5 million in the fourth quarter of 2011.

The workforce reduction is expected to be completed in the first half of 2012.

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