Milford-based CTB Inc. has announced plans to acquire a majority share in a Denmark-based food processing equipment manufacturer. Terms of the deal involving Cabinplant A/S were not disclosed.
CTB says operations at Cabinplant’s facilities throughout the world will continue as normal with Chief Executive Officer Ralf Astrup and Chief Financial Officer Jan Helskov Hansen will continuing in their leadership roles. The company employs nearly 300 people, including representatives in more than 30 countries.
CTB says Cabinplant’s poultry processing equipment complements its own poultry processing subsidiary, Meyn. Cabinplant also produces equipment in the seafood and fruit and vegetable markets.
"The acquisition helps CTB to broaden the range of poultry processing options it can offer its customers as well as expanding into new market areas for processing, such as seafood and vegetables," said Victor Mancinelli, CEO of CTB. "Cabinplant’s knowledge of the food industry and its innovative approach to product development and implementation fit very well with CTB’s approach to its core markets."
The deal remains subject to governmental approvals. An expected closing date was not given.