Oshkosh Corporation, a leading innovator of purpose-built vehicles and equipment, today announced that it has entered into a definitive agreement to acquire the AeroTech business (“AeroTech”) from JBT Corporation in an $800 million all-cash transaction.

When adjusted for the present value of expected tax benefits of approximately $80 million, the purchase price is $720 million.

This represents approximately 9x earnings before interest, taxes, depreciation and amortization (EBITDA) based on the expected 2023 second half run-rate or approximately 7.2x EBITDA including expected run-rate synergies.