JBT Marel Corporation (JBTM) Earnings Call Transcript & Summary

Welcome to the 2021 Annual Meeting of John Bean Technologies Corporation Shareholders. I would now like to introduce the first presenter, Alan Feldman, Chairman of the Board for John Bean Technologies Corporation. Mr. Feldman?

Good morning, everyone. I'm Alan Feldman, Chairman of the Board of Directors of John Bean Technologies Corporation. And on behalf of the company, I want to welcome you to our 2021 Annual Meeting of Stockholders. We have chosen to host our meeting virtually, allowing us to continue to protect the health and safety of all participants. Now before proceeding with the business portion of our meeting, I'm pleased to introduce our Board of Director members who are joining us today: Barbara Brasier, Brian Deck, Maury Devine, James Goodwin, Lawrence Jackson, Polly Kawalek, Emmanuel Lagarrigue and Jim Ringler. Also with us today are the representatives from the external audit firm, KPMG, who audited our 2020 financial statements, and are in attendance today, [ Steve Hadrovic ] and Jon Hunt. And our inspectors of election today who are appointed by our Board are Greg Packard and Lynn Watkins. Noah Popp is the Corporate Secretary. And I will ask him to please report on the mailing of the notices.

Thank you, Alan, and welcome, everyone. Alan, the company's 2020 annual report and notice of the 2021 Annual Meeting of Stockholders or notice of Internet availability of these proxy materials were mailed beginning on April 1, 2021, to each holder of JBT Corporation common stock at the close of business on March 19, 2021. A complete list of the stockholders entitled to vote at the meeting has been opened to inspection by any stockholder for the past 10 days and is currently available on the meeting website for inspection, as is an affidavit attesting to the mailing of the proxy. As a reminder, as is our custom, we will conduct the business portion of the meeting first and answer questions at the end of the meeting. Please note that you may submit questions throughout the meeting through the designated Q&A feature contained within the virtual meeting website. You do not need to wait until the end of the meeting. Only validated stockholders may ask questions in the designated field on the web portal. Out of consideration for others, please limit yourself to 1 question. We may not be able to answer all questions. Please note that the meeting is being recorded. However, no one attending via the webcast or telephone is permitted to use any audio recording device. I would like to now officially call this meeting to order.

Thank you, Noah. We will now report on the attendance at this meeting.

Yes. The inspectors of election have verified that proxies representing at least 30,091,462 shares of common stock have been received. These proxies represent 94.38% of the total shares issued and outstanding and entitled to vote at this meeting. Since this represents more than a majority of the voting power of all issued and outstanding stock entitled to vote on the record date, a quorum is present for purposes of transacting business.

Thank you, Noah. So a legal notice of the meeting has been given, and there is a quorum of the common stock present. This meeting is, therefore, lawfully convened and ready to transact business.

The polls are open. Any stockholder who has not yet voted or wishes to change their vote, may do so by clicking on the voting button on the web portal, and following the instructions there. Stockholders who have sent in proxies or voted via telephone or internet and do not want to change their vote, do not need to take any further action.

Our first item of business is the election of 3 directors for terms to expire at the 2024 Annual Meeting of Stockholders and until their successors are duly elected and qualified. The nominees for directors are C. Maury Devine, Emmanuel Lagarrigue and James Ringler. Our second item of business relates to the advisory vote of stockholders on the 2020 compensation of our executive officers as reported in our proxy statement. And our third and final item of business is a proposal that our stockholders ratify the appointment of PwC by the Audit Committee as the company's independent public accounting firm for 2021.

As reminder, if any stockholders have not yet voted or wish to change their vote, please do so at this time. [Voting]

Now that everyone has had the opportunity to vote. I now declare the polls for the 2021 JBT Annual Stockholder Meeting closed at 9:35 a.m. Central Time on May 14, 2021.

Noah, do we have the preliminary voting results?

Yes, Alan, we do. We have voted the proxies we hold authorizing us to vote shares, respectively, for the election of C. Maury Devine, Emmanuel Lagarrigue and James Ringler as directors accordingly. And based on these votes, they have been so elected. We have voted the proxies we hold authorizing us to vote shares for approval of proposals 2 and 3. And based on these votes, such proposals have been approved. We will be reporting the final vote results on a Form 8-K to be filed within 4 business days of this meeting.

There being no further business to be conducted, the business portion of this meeting is hereby adjourned.

Thank you, Alan. Having not received any questions at this time, we appreciate your attendance at our Annual Shareholder Meeting.

Thank you, Noah. And on behalf of John Bean Technologies Corporation's Board of Directors and employees, you, our shareholders, can rely on our commitment to high standards of operational excellence for all JBT stakeholders. Thank you for your attendance today and for your continued interest in JBT. Take care, everyone.