Our Views Unchanged After Taking a Closer Look at JBT's ESG Risks and Capital Allocation Record

We believe both of John Bean Technologies’ segments will benefit from growth in the global middle class. We believe the middle class will approximately double by 2030, and we expect that the Asia-Pacific region will be a significant contributor to that growth. We believe this helps JBT FoodTech because per capita meat consumption in APAC has traditionally and significantly lagged that of Europe and North America. North America’s per capital meat consumption is about three and a half times that of APAC, but we expect that gap to narrow during our five-year explicit forecast. Overall global meat consumption is also on the rise, as people have become more conscious of protein intake in their diet.