John Bean Technologies Corp. (JBT, Financial), a leading provider or food and beverage processing equipment as well as air transportation equipment. The stock was a strong performer for the first half of the year after showing improvement from weak orders (mix), operational issues and trade war supply chain concerns that impacted the stock in the fourth quarter. The company beat 2Q19 expectations as management continued to make good progress on it restructuring programs, but orders, which can be lumpy, declined 12% y/y. The strong performance and near-perfect valuation led investors to take profits. We believe the story remains solid given the continued demand for food safety and aviation by the growing global middle class.
From Keeley Asset Management's Keeley Small-Mid Cap Value Fund third-quarter 2019 shareholder letter.
