JBT Corporation (JBT) has signed an agreement to acquire LEKTRO – a manufacturer of electric aviation ground support equipment (GSE) – for $48 million.
Based in Warrenton, Oregon, the company designs, manufactures, and supplies all-electric towbarless tow and pushback vehicles for the business jet and commercial aviation market.
The transaction is expected to close sometime during the first quarter of this year.
LEKTRO is expected to add annual revenue of approximately $35 million to JBT – which anticipates earnings to be slightly dilutive in 2019 and accretive by $0.03 to $0.05 per share in 2020.
JBT’s chairman, president and chief executive officer, Tom Giacomini said: “LEKTRO provides AeroTech with a more comprehensive and compelling offering of commercial aviation ground support equipment by expanding its range of products into electric towbarless aircraft pushback tractors for narrow body and smaller aircraft.
“As airlines, ground handlers and airport operators increasingly focus on their environmental footprint and productivity, AeroTech is now well positioned to lead in the market supporting the growing demand for emissions-free ground support equipment.”
LEKTRO owner, Eric Paulson said together both companies will provide customers a global sales and support presence, a much broader portfolio of products and services, and deeper engineering capabilities for future product development.
The two companies said LEKTRO’s family of all-electric towbarless vehicles is a “great complement” to JBT AeroTech’s expanding line-up of diesel tow tractors and other (GSE) products that include deicers, cargo loaders, belt loaders, mobile stairs, pre-conditioned air carts, and ground power units.
JBT AeroTech president and executive vice president, Dave Burdakin added: “LEKTRO’s reputation for great customer service and products that are easy to operate, easy to maintain, and highly reliable makes it an ideal fit for JBT AeroTech.”
