Who Owns Marel Company?

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Who Owns Marel Now?

Marel, an Icelandic food processing solutions provider, underwent a significant ownership change. It was acquired by JBT Corporation, leading to the formation of JBT Marel Corporation. This merger, completed on January 2, 2025, marked a new chapter for the company.

The combined entity, JBT Marel Corporation, now operates as a larger global player in the food and beverage technology sector. This strategic move integrated Marel's expertise with JBT's offerings, aiming to create a more comprehensive solution provider.

Before this acquisition, Marel was Iceland's largest company by market value, with revenues reaching EUR 1.7 billion in 2023 and employing around 7,100 people globally. Its product portfolio included advanced systems for poultry, meat, and fish processing, such as those analyzed in the Marel BCG Matrix.

The acquisition by JBT Corporation, a leader in food and beverage technology solutions, resulted in a combined entity with an estimated trailing 12-month revenue of approximately $3.5 billion and around 12,000 employees. JBT Marel Corporation is listed on the New York Stock Exchange (NYSE) with a secondary listing on Nasdaq Iceland.

The origins of the Marel company trace back to a project at the University of Iceland in 1978, leading to its founding in 1983 by a group of engineers. While specific early ownership details are not widely publicized, cooperative fish companies in Iceland were instrumental in its establishment. The company quickly made its mark in the fish processing sector with innovative onboard scales.

Founding Engineers

A group of engineers, stemming from a 1978 university project, established the company in 1983. Their initial focus was on developing advanced solutions for the food processing industry.

Early Industry Support

Cooperative fish companies in Iceland provided crucial support during the company's formative years. This backing was vital for its initial growth and market penetration.

Key Innovation

The company's early success was significantly driven by its development of motion-compensating onboard scales. This innovation quickly gained recognition within the fish processing industry.

Public Listing

Marel Food Systems became a public limited company in 1991 and was registered on the Iceland Stock Exchange in 1992. The initial public offering occurred on January 1, 1992.

International Expansion

Early international ventures included its first export to Norway in 1985 and the establishment of a branch in Halifax in 1986. These steps demonstrated a strong vision for global reach.

Founding Vision

The founding team's commitment to advancing food processing technology was evident from the outset. Their dedication focused on enhancing efficiency and quality across the industry.

The official establishment of Marel Food Systems took place on March 17, 1983, marking a significant milestone in its journey. The company's transition to a public limited entity in 1991 and subsequent listing on the Iceland Stock Exchange (now OMX Nordic Exchange Iceland) in 1992, with its initial public offering on January 1, 1992, laid the groundwork for broader investment and growth. While specific early angel investors are not detailed, the company's rapid expansion, including its first export to Norway in 1985 and the opening of a branch in Halifax in 1986, underscores a robust foundational strategy and a clear commitment to innovation in food processing technology, as further explored in the Revenue Streams & Business Model of Marel.

Marel's Early Trajectory

Marel's early years were characterized by technological innovation and strategic international expansion. The company's focus on improving efficiency and quality in food processing laid the foundation for its future success.

• Founded in 1983 following a 1978 university project.
• Key early innovation: motion-compensating onboard scales.
• Became a public limited company in 1991.
• Listed on the Iceland Stock Exchange in 1992.
• First export to Norway in 1985.
• Opened a branch in Halifax in 1986.

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The ownership of Marel has seen significant shifts, notably its public listings and a substantial acquisition. Initially listed on the Iceland Stock Exchange in 1992, the company expanded its reach with a dual listing on Euronext Amsterdam in June 2019, aiming to enhance its capital structure and access international markets.

Eyrir Invest hf., a key investor since 2005, was a principal shareholder, holding approximately 24.69% of Marel's shares as of February 2022. Their involvement coincided with substantial growth, increasing Marel's revenue from €129 million to over €1.7 billion and its workforce from 800 to over 7,000 employees.

Key Stakeholder Transition

Eyrir Invest hf., a long-standing major shareholder, played a pivotal role in Marel's development. Their significant stake of approximately 25% was a cornerstone of the company's ownership structure for many years.

• Eyrir Invest hf. was a principal shareholder since 2005.
• Held approximately 24.69% of Marel shares as of February 2022.
• Undertook to accept JBT Corporation's takeover offer.
• No longer holds shares in Marel hf. post-transaction.

The acquisition by JBT Corporation marked a transformative moment for Marel. JBT's offer, launched in June 2024, valued Marel at approximately EUR 2.7 billion. Eyrir Invest hf., as the largest shareholder, committed to the offer, which was successfully completed by January 2, 2025, with JBT acquiring 97.5% of Marel's shares. This led to the formation of JBT Marel Corporation, listed on the NYSE with a secondary listing on Nasdaq Iceland. Marel shareholders received approximately EUR 950 million in cash and now hold about a 38% stake in the combined entity. Understanding this evolution is crucial for grasping the current Marel company ownership and who owns Marel today.

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The Board of Directors for JBT Marel Corporation, established following the JBT Corporation acquisition on January 2, 2025, is chaired by Alan Feldman. The board also includes Barbara Brasier, Brian Deck, Charles Harrington, Lawrence Jackson, and Polly Kawalek. Several individuals who previously served on Marel's Board, including Svafa Grönfeldt, Olafur Gudmundsson, Arnar Þór Másson, and Ann Savage, were newly appointed to the JBT Marel Board effective January 2, 2025.

Prior to the acquisition, Marel operated with a single class of shares, each carrying one vote. As of February 11, 2022, there were 756.1 million shares with voting rights. Due to the listing structure on Euronext Amsterdam, detailed shareholder information beyond significant threshold notifications was not readily available. However, JBT Corporation's acquisition of 97.5% of Marel's share capital and voting rights signifies a substantial shift in control, with JBT intending to acquire all remaining shares. The Marel Board had unanimously endorsed JBT's takeover offer, anticipating positive outcomes for Marel and its employees. The election of directors for JBT Marel Corporation follows a majority voting standard, and commencing with the 2026 Annual Meeting of Stockholders, all directors will be elected annually.

Understanding Marel Company Ownership

The acquisition by JBT Corporation has fundamentally altered the Marel ownership structure. JBT now holds the vast majority of voting power.

• JBT Corporation acquired 97.5% of Marel's share capital.
• The combined entity now operates as JBT Marel Corporation.
• The Board of Directors composition reflects the new ownership.
• Shareholders are advised to review disclosures for detailed Marel stock ownership.
• Understanding who owns Marel is key to comprehending its strategic direction.

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The ownership landscape of Marel has undergone a significant transformation with its complete integration into JBT Corporation, forming JBT Marel Corporation as of January 2, 2025. This pivotal merger, stemming from JBT's voluntary takeover offer initiated in early 2024, has fundamentally reshaped Marel's standalone ownership structure.

The integration process saw JBT Corporation secure over 90% of Marel's outstanding shares by December 20, 2024, enabling a compulsory acquisition of the remaining untendered shares. Consequently, Marel shares were delisted from Nasdaq Iceland and Euronext Amsterdam on January 3, 2025. The combined entity, JBT Marel Corporation, now trades on the New York Stock Exchange (NYSE) with a secondary listing on Nasdaq Iceland. Eyrir Invest hf., formerly Marel's largest shareholder with approximately 25% of its shares, accepted JBT's offer and now holds a 6.6% stake in the new corporation, positioning it as one of the major shareholders.

Consolidation in Food Processing Technology

The merger between JBT and Marel exemplifies a broader trend of consolidation within the food processing technology sector. This strategic combination aims to establish a leading, diversified global provider of food and beverage technology solutions.

Synergies and Financial Outlook

JBT Marel anticipates generating annual run-rate cost synergies exceeding $125 million within three years post-completion, bolstered by enhanced operational scale. For the full year 2024, standalone JBT revenue reached $1,716 million, a 3% increase year over year, while Marel reported standalone revenue of €1,643 million. The company projects 2025 revenues between $1,800 million and $1,840 million for the JBT segment and €1,850 million to €1,885 million for the Marel segment.

Operational Focus and Icelandic Presence

The company is prioritizing margin improvement through increased volume, continuous improvement initiatives, and the realization of identified synergies. This strategic focus is crucial for maximizing the benefits of the combined entity.

Strategic Importance of Icelandic Operations

Public statements confirm a commitment to maintaining a significant operational presence in Iceland. Marel's existing facility in Gardabaer is designated to serve as a European headquarters and a global center of excellence for technology, underscoring the strategic importance of its Icelandic roots.

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