John Bean Technologies' (JBT) proposal to buy all of Iceland-based Marel for $2.6 billion (€2.4 billion) is part of its long-term acquisition strategy, according to the large Chicago-based food technology solutions firm.

"JBT's non-binding proposal is consistent with the company’s strategic plan and M&A objective of pursuing transactions with strong industrial logic and significant synergy potential while maintaining a strong balance sheet and preserving future strategic flexibility," the US company said recently of its pursuit of Marel.

In 2022, the company announced its Elevate 2.0