EX-99.1 2 dex991.htm JOHN BEAN TECHNOLOGIES CORPORATION PRESENTATION John Bean Technologies Corporation Presentation
1
High-Productivity Solutions Engineered for
Food Processing and Air Transportation
Investor Presentation
July 2008
Exhibit 99.1

2
These
slides
and
the
accompanying
presentation
contain
“forward-looking”
statements
which represent management’s best judgment as of the date hereof, based on currently
available
information.
Actual
results
may
differ
materially
from
those
contained
in
such
forward-looking statements.
JBT Corporation’s (the “Company”) Form 10 Registration Statement filed under the
Securities Exchange Act of 1934 includes information concerning factors that may
cause actual results to differ from those anticipated by these forward-looking
statements. The Company undertakes no obligation to update or revise these forward-
looking statements to reflect new events or uncertainties.
Although
the
Company
reports
its
results
using
GAAP,
the
Company
uses
non-GAAP
measures when management believes those measures provide useful information for its
stockholders.
Forward-Looking Statements

3
•
Transaction Overview
•
Investment Highlights
-
JBT Corporation Overview
-
JBT FoodTech Overview
-
JBT AeroTech Overview
•
Strategies for Growth
•
Financial Overview
•
Charles H. Cannon, Jr.
-
Chairman of the Board,
Chief Executive Officer
•
Ronald D. Mambu
-
Vice President,
Chief Financial Officer
Agenda
Speakers
Today’s Speakers and Agenda

Transaction Overview

5
Description
Tax-free distribution to FMC
Technologies (FTI) shareholders
Listing
NYSE: JBT
Distribution Ratio
1 FTI share : 0.216 JBT shares
Estimated JBT Shares
27.6 million
Dividend per Share
$0.07 per quarter
When Issued Trading
July 18, 2008
Record Date
July 22, 2008
Distribution Date
July 31, 2008
Regular Way Trading
August 1, 2008
Transaction Overview

Investment Highlights

7
Investment Highlights
•
Experienced and diverse leadership team
•
Long, rich history in markets we helped develop
•
Technology and market leader with blue chip customer base
•
Global footprint with extensive capabilities
•
Track record of profitable growth
•
Large installed base drives growth in recurring revenue
•
Well-positioned to capture growth opportunities
•
Growing profits and stable cash flows support debt paydown,
dividend and reinvestment

8
Charles H. Cannon, Jr.
Chairman of the Board,
26
Chief Executive Officer
Ronald D. Mambu
Vice President, Chief Financial Officer
34
Torbjörn Arvidsson
Vice President and Division Manager,
21
Food Solutions and Services
Juan C. Podesta
Vice President and Division Manager,
19
Food Processing Systems
To Be Announced
Vice President and Division Manager,
--
JBT AeroTech
Years with
Company
Operating Management Team
•
20+ years average FMC tenure
•
Multi-cultural team: 9 nationalities and 9 languages
•
Majority have worked and lived abroad
Senior Management Team
Experienced and Diverse Leadership Team

9
Charles H. Cannon, Jr.
Served
in
various
positions
within
FMC
Corporation
and
FMC
Technologies
since
1982
including
Senior
Vice President of FMC Technologies and General Manager of FMC FoodTech and Airport Systems;
currently
a
Board
Member
of
Standex
International
Corporation
and
the
Food
Machinery
Europe
Association
C. Maury Devine
Served in various positions within ExxonMobil Corporation since 1994 including President and
Managing Director of ExxonMobil Norway and Secretary of Mobil Corporation; previously held positions
within
the
U.S.
Government;
currently
a
Board
Member
of
FMC
Technologies
and
Det
Norske
Veritas
Alan D. Feldman
Has served as the Chairman, President and CEO of Midas, Inc. since 2003; previously held senior
management
positions
within
McDonald’s
and
PepsiCo;
currently
a
Board
Member
of
Footlocker,
Inc.
James E. Goodwin
Served
as
Chairman
and
CEO
of
UAL
and
United
Airlines
from
1999
to
2001;
currently
a
Board
Member of AAR Corporation, Federal Signal Corporation and First Chicago Bank & Trust
Polly B. Kawalek
Served as President of PepsiCo’s Quaker Foods division from 2002 to 2004; previously held various
positions
for
25
years
within
Quaker
Oats;
currently
a
Board
Member
of
Martek
Biosciences
Corp.
and
Kimball International, Inc.
James M. Ringler
Has served as Chairman of Teradata Corporation since 2007; previously held senior management
positions with Illinois Tool Works, Premark International Inc., White Consolidated Industries and The
Tappan Company;
currently a Board Member of FMC Technologies, Dow Chemical Company,
Corn Products International, Inc. and Autoliv Inc.
James R. Thompson
Has served in various positions with Winston & Strawn LLP since 1991 including Senior Chairman and
Chairman;
previously
held
various
positions
with
the
U.S.
Government
including
the
Governor
of
Illinois
from 1977 to 1991;
currently a Board Member of FMC Technologies, Navigant Consulting Group, Inc.
and Maximus, Inc.
Experience
Board of Directors
Highly Experienced Board of Directors

10
Long, Rich History in Markets We Helped Develop
1962
Introduced
the Deicer
1969
Introduced the
first Cargo
Loader for the
Boeing 747
1959
Introduced the
first Jetway
passenger
boarding bridge
1920
Introduced the
Cooker Cooler
1950
Introduced the
first In-line Juice
Extractor
1960
Introduced the
first
FLoFREEZE
Freezer
Air Transportation
Food Processing
Our history of innovation began with John Bean

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sterilize more than 50% of
the world’s shelf stable
canned foods
squeeze more than 75% of
the world’s citrus juices
freeze more than 50% of
the world’s frozen foods
load 70% of the
world’s overnight
express packages
board 75% of U.S.
passengers
Market Leader with Blue Chip Customer Base
Our Systems:

12
Global Footprint with Extensive Capabilities
~50% of revenue
derived from outside the United States

13
2005
2006
2007
2005
2006
2007
Revenue
($MM)
EBITDA ($MM)
$823
$844
$978
Track Record of Profitable Growth
$65
$74
$86
9% CAGR
15% CAGR
Note: See Appendix I for reconciliation of EBITDA to Net Income

14
$201
$178
$170
2005
2006
2007
Delivered Base (units)
•
FoodTech: 40,000+
•
AeroTech: 30,000+
Large Installed Base Drives Growth in
Recurring Revenue
Aftermarket Revenue ($MM)
9% CAGR

15
63%
61%
FY07 Total Revenue
FoodTech¹
FoodTech
FY07 Total Segment Operating Profit
$593MM
$56MM
1.  Excludes intercompany eliminations
We
Are
With
You,
Right
Down
The
Line™

16
Note: % of revenue
exclude
aftermarket parts and services
Tomato Paste
Tomato Sauces
Juices
Beverages
Fruit Processing
32% of revenue
Shelf-Stable Products
Formulated Milks
Beverages
Shelf Stable Sterilization
15% of revenue
Poultry & Meat
Seafood
Protein Processing
17% of revenue
Poultry & Meat
Seafood
Fruit & Vegetables
Baking Products
Freezing & Chilling
36% of revenue
Technologies
Applications
Customers
#1 or #2 in Core Product Offerings

17
Cost per
Unit
Throughput
and Yield
We Are With You, Right Down The Line™

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Higher Performance Through Continuous Innovation
Coater
Portioner
Fryer
Oven
Freezer
DSI Accura™
Portioning System
GYRoCOMPACT-II Oven
GYRoCOMPACT
M-Series
Spiral Freezer

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Source: Rabobank
Developing Markets Provide a Significant Growth
Opportunity for Processed Food Technology
0
0
1
1
1
Diet Profile
Survival
Staples
Variety
Convenience
High-tech
Grain
Roots
Meat, Dairy
Fruit &Veg.
Prepared
Foods
Functional
Foods
Diet
Component
Sub-Saharan
Africa
Eastern
Europe
L. America
China
India
Developing
Markets
Developed
Markets
W. Europe
Japan
USA

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Convenience
and
Choice
Drive
Demand
in
Developed Markets
U.S. Poultry Production
0%
20%
40%
60%
80%
100%
1975
1980
1985
1990
1995
2000
2005
0
10
20
30
40
Whole
Cut-Up
Further
Lbs of Broilers
Source: National Chicken Council

21
From
Touchdown
to
Takeoff
™
$386MM
$32MM
1.  Excludes intercompany eliminations
39%
FY07 Total Revenue
AeroTech¹
37%
AeroTech
FY07 Total Segment Operating Profit

22
Ground Support
Maintaining and
monitoring facilities and
equipment
Passenger boarding
Air and power supply
Gate Equipment
Container and palletized
cargo loading
Military Equipment
Pushback/Towing
Aircraft Deicing
Container loading
Cargo transporting
Baggage loading
Airport Services
Technologies
Applications
Customers
#1 or #2 in Core Product Offerings

23
Turn
Time
Reliability
From
Touchdown
to
Takeoff
™

24
We Address Multiple Needs Across the
Ground Support Spectrum
Ground Support Equipment
Cargo Loaders
Deicers
Aircraft Tractors
Maintenance & Operation
Gate Systems
Baggage Handling Systems
Ground Support Equipment
Airport Facilities Technology
Aircraft Support Systems
Passenger Boarding Bridges
400Hz Converters                            
Pre-conditioned Air

25
Market Growth Rates: 2007 to 2027
World Economy
Passengers
Airline traffic
Cargo traffic
4.0%
5.8%
5.0%
Source: The Boeing Company, Summary Outlook 2008-2027
Long-term, Passenger and Cargo Traffic Expected to Grow
Faster Than Global Economy
3.2%

26
•
Extend technology leadership
•
Leverage installed base
•
Capture international growth opportunities
•
Acquisitions
Well-Positioned to Capture Growth
Opportunities

27
Financial Overview

28
$497
$496
$593
$386
$327
$349
2005
2006
2007
FoodTech
AeroTech
$823
$978
$844
(23)
(23)
(27)
$56
$46
$40
$27
$25
$32
2005
2006
2007
Corporate
FoodTech
AeroTech
$42
$61
$50
Track Record of Profitable Growth
Revenue   ($MM)
EBIT
($MM)
1.
Excludes intercompany eliminations
2.
See Appendix I for reconciliation of EBIT to Net Income
1
2

29
($4)
($3)
$13
$9
$2
$9
Q1 2007
Q1 2008
Corporate & Other
FoodTech
AeroTech
$123
$149
$72
$112
Q1 2007
Q1 2008
FoodTech
AeroTech
$195
$260
$7
$19
Revenue   ($MM)
EBIT
($MM)
1.
Excludes intercompany eliminations
2.
See Appendix II for reconciliation of EBIT to Net Income
Record Start in 2008
1
2

30
Efficient Working Capital Management
(% of Revenue)
JBT
5.4%
2.8%
6.2%
Selected Industrials
Mean
18.4%
17.0%
16.6%
2005
2006
2007
1.
Adjusted working capital
is calculated as current assets (excluding cash and short term
investments) less current liabilities (excluding current portion
of debt)
2.
See Appendix III for reconciliation to GAAP measure
1

31
Capital Expenditures¹
$1.9
$1.3
$1.2
$21.3
$21.1
$19.3
2005
2006
2007
FoodTech
AeroTech
$21.6
$23.0
$22.7
($MM)
1. Total capital expenditures include corporate but not shown
Capital expenditures have historically averaged ~2% of revenue

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Strong free cash flow generation
20.9
13.2
13.1
Other
2.5
(0.7)
5.5
Discontinued Operations
(42.3)  
28.6
(1.3)
Change in Operating Assets & Liabilities  
(23.0)
(22.7)
(21.6)
Capital Expenditures
$23.3
$76.4
$44.3
Adjusted Free Cash Flow
25.1
$40.1
2007
23.2
22.2
Depreciation & Amortization
$34.8
$26.4
Net Income from Continuing Operations
2006
2005
$MM
1.
‘Other’
contains stock based compensation, disposal of assets and other
changes in balance sheet accounts
2.
See Appendix IV for reconciliation of Adjusted Free Cash Flow to
cash provided by operations
Cumulative cash flow to Parent from 2005-2007 equal to $142.5 million
1
2

33
33
20.2%
17.6%
12.5%
2005
2006
2007
1.
Return on Investment (ROI) is calculated as income from continuing operations
as a percentage of average owner’s net equity
Attractive Returns on Investment
1

34
Debt Structure
Private Placement
Credit Facility
Amount
Term
Pricing
Security
Covenants
•
$225 MM
•
$100 MM draw at closing
•
LIBOR +175 bps
•
$50MM swapped to 5.4% fixed rate
•
Customary
•
5 years
•
Unsecured
•
$75 MM
•
6.7%
•
Customary
•
7 years
•
Unsecured

35
2008 Outlook
•
Continued top line growth
–
Year over year revenue increase at 6-10%
•
Stable segment margins
•
Pro Forma EPS range of $1.25 to $1.35 includes:
–
Full year of interest expense
–
Corporate related expenses in line with previous year
–
Effective tax rate of 38%

36
Investment Highlights
•
Experienced and diverse leadership team
•
Long, rich history in markets we helped develop
•
Technology and market leader with blue chip customer base
•
Global footprint with extensive capabilities
•
Track record of profitable growth
•
Large installed base drives growth in recurring revenue
•
Well-positioned to capture growth opportunities
•
Growing profits and stable cash flows support debt paydown,
dividend and reinvestment

37
High-Productivity Solutions Engineered for Food
Processing and Air Transportation

38
Appendix I
Reconciliation of Non-GAAP measures (as required by Regulation G)
(In millions)
FY 2005
FY 2006
FY 2007
Net income (GAAP measure)
$24.5
$34.6
$36.4
add-back:  loss from discontinued operations, net of taxes
1.9
0.2
3.7
add-back:  provision for income taxes on operating income
16.0
16.0
21.5
less:  interest income, net
(0.1)
(0.4)
(0.5)
EBIT (non-GAAP measure)
$42.3
$50.4
$61.1
add-back:  depreciation expense
17.5
18.8
19.8
add-back:  amortization expense
4.7
4.4
5.3
EBITDA (non-GAAP measure)
$64.5
$73.6
$86.2

39
Appendix II
Reconciliation of Non-GAAP measures (as required by Regulation G)
(In millions)
Q1 2008
Q1 2007
Net income (GAAP measure)
$12.3
$3.2
less:  income from discontinued operations, net of taxes
(0.3)
0.8
add-back:  provision for income taxes on operating income
7.4
2.9
less:  interest income, net
(0.1)
(0.1)
EBIT (non-GAAP measure)
$19.3
$6.8

40
Appendix III
Reconciliation of Non-GAAP measures (as required by Regulation G)
(In millions)
FY 2005
FY 2006
FY 2007
Current assets
$293.9
$313.4
$369.8
Current liabilities
240.4
279.2
306.2
Working capital (GAAP measure)
$53.5
$34.2
$63.6
less:  cash and cash equivalents
(2.7)
(10.3)
(9.5)
less:  short-term investments
0.0
0.0
0.0
less:  short-term debt and current portion
(0.1)
(0.2)
(1.1)
of long-term debt
Adjusted working capital (non-GAAP measure)
$50.7
$23.7
$53.0
Revenue
$823.3
$844.3
$978.0
Adjusted working capital as a percentage of revenue
6.2%
2.8%
5.4%

41
Appendix IV
Reconciliation of Non-GAAP measures (as required by Regulation G)
(In millions)
FY 2005
FY 2006
FY 2007
Cash provided by operating activities (GAAP measure)
$59.6
$96.0
$33.7
less:  capital expenditures
(21.6)
(22.7)
(23.0)
Free cash flow
$38.0
$73.3
$10.7
plus:  net cash provided (required) by investing activities
(0.1)
(0.4)
7.8
of discontinued operations
plus:  proceeds from disposal of assets
7.0
3.1
3.1
plus:  effect of exchange rate changes on cash
(0.5)
0.5
0.8
and cash equivalents
plus:  other financing cash activities
(0.1)
(0.1)
0.9
Adjusted free cash flow (non-GAAP measure)
$44.3
$76.4
$23.3

42
Appendix V
Listing of
Selected Industrials
Tennant Company
11.
A.O. Smith Corporation
10.
Regal-Beloit Corporation
9.
Osh Kosh
Corporation
8.
NACCO Industries
7.
Gardner Denver Inc.
6.
Federal Signal Corporation
5.
Enpro
Industries Inc.
4.
Briggs & Stratton
3.
Baldor
Electric Company
2.
AAR Corporation
1.