JBT Marel makes and sells food processing equipment and systems to food and beverage producers worldwide. The company's equipment covers virtually the entire food production chain — from live animal handling through final packaging — serving end markets including poultry, pork, beef, seafood, ready-to-eat meals, dairy, bakery, pet food, beverages, and pharma. Poultry is the largest single end market. JBT Marel operates through two segments: Protein Solutions, covering primary processing of animal proteins (stunning, slaughter, chilling, deboning, portioning), and Prepared Food and Beverage Solutions, covering downstream preparation, preservation, and packaging. The company sells capital equipment — typically customized, project-based processing lines — directly through a specialized sales force, with no single customer exceeding 10% of revenue. Recurring aftermarket parts, service, and maintenance contracts account for roughly half of total revenue, providing stability across cycles. JBT Marel was formed through the January 2025 combination of JBT and Marel, which brought together complementary technology across the food processing value chain. The core strategic rationale is cross-selling: JBT was stronger in downstream equipment while Marel led in primary protein processing, and together the company can offer customers a fully integrated processing line under one vendor. The company is targeting $150M in annual run-rate cost synergies from the combination by end of 2027, with roughly $85M achieved exiting 2025. JBT Marel also invests in its AXIN digital platform for real-time production monitoring and predictive maintenance, which management views as a path to deeper customer relationships.