JBT hires Bryant Lowery as executive vice president and chief procurement officer
John Bean Technologies (JBT) announced today the hiring of Bryant Lowery as Executive Vice President and Chief Procurement Officer. The Chicago-based tech company provides digital solutions to ‘high-value segments of the food & beverage industry’, according to a company press release. The company has a focus on proteins, liquid foods and automated system solutions.
"As JBT continues to grow, supply-chain strategy plays an increasingly important role as we leverage our global scale," Tom Giacomini, Chairman, President and CEO of JBT said.
"With the addition of Bryant to our executive team, we have strengthened leadership of this critical function and JBT's ability to create a competitive advantage as we consolidate our supply chain with fewer, stronger suppliers while improving cost, lead times, and working capital requirements."
Giacomini continued: “Bryant brings an impressive record of leading supply chain initiatives that generate significant margin expansion”.
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Lowery comes to JBT from Fortive, “the $7 billion diversified industrial manufacturer spun off from Danaher in 2016”. In his previous role he served as Vice President, Global Supply Chain at Fortive’s Gilbarco Veeder-Root Division. “Lowery also led global procurement activities for the Fluke Corporation. Prior to Fortive, he held supply-chain and procurement leadership roles at Ingersoll Rand, Johnson Controls, Whirlpool, and Dell.”
Also this week at JBT, investors Cramer Rosenthal Mcglynn Llc increased its stake in JBT by 30.19%, and Blair William & Company increased its stake in the company by 12.36%.
EU and US agree end to Airbus-Boeing supply chain tariffs
The EU and US have agreed to resolve a 17-year dispute over aircraft subsidies, suspending tariffs on billions of dollars' worth of goods that have plagued procurement leaders on both sides of the Atlantic.
Under an agreement reached by European Commission Executive Vice-President Valdis Dombrovskis and US Trade Representative Katherine Tai on Tuesday, the tariffs will be halted for a period of at least five years.
It will bring an end to punitive and disruptive levies on supply chains that have little to do with the argument, which became embroiled in the trade battle. Businesses on both sides of the dispute have been hit with more than $3.3bn in duties since they were first imposed by the US in October 2019, according the EC.
The US imposed charges on goods upto $7.5bn in response to a World Trade Organisation ruling that judged the EU’s support of Airbus, its biggest aircraft manufacturer, unlawful. A year later in November 2020, the EU hit back. The WTO found the US had violated trade rules in its favourable treatment of Boeing, and was hit with EU duties worth $4bn.
In all the tariffs affected $11.5bn worth of goods, including French cheese, Scotch whisky, aircraft and machinery in Europe, and sugarcane products, handbags and tobacco in America. Procurement leaders on both sides of the fence were forced to wrestle with tariffs of 15% on aircraft and components, and 25% on non-aircraft related products.
Boeing-Airbus dispute by the numbers
- The dispute began in 2004
- Tariffs suspended for 5 years
- $11.5bn worth of goods affected by tariffs
- $3.3bn in duties paid by businesses to date
- 15% levy on aircraft and 25% on non-aircraft goods suspended
Both sides welcome end to tariffs
European Commission President Ursula von der Leyen branded the truce a “major step” in ending what is the longest running dispute in WTO history. It began in 2004.
“I am happy to see that after intensive work between the European Commission and the US administration, our transatlantic partnership is on its way to reaching cruising speed. This shows the new spirit of cooperation between the EU and the US and that we can solve the other issues to our mutual benefit,” she added.
Both aircraft manufacturers have welcomed the news. Airbus said in a statement that it will hopefully bring to an end the “lose-lose tariffs” that are affecting industries already facing “many challenges”. Boeing added that it will “fully support the U.S. Government’s efforts to ensure that the principles in this understanding are respected”.
The US aerospace firm added: "The understanding reached today commits the EU to addressing launch aid, and leaves in place the necessary rules to ensure that the EU and United States live up to that commitment, without requiring further WTO action."
This week’s decision expands upon a short-term tariff truce announced in March this year. The EC says it will work closely with the US to try and further resolve the dispute, establishing a Working Group on Large Civil Aircraft led by each side’s trade minister.
Airbus last month signalled to suppliers that post-pandemic recovery was on the horizon, telling them to scale up to meet a return to pre-COVID manufacturing levels. “The aviation sector is beginning to recover from the COVID-19 crisis,” said Airbus chief executive Guillaume Faury, adding that suppliers should prepare for a period of intensive production “when market conditions call for it.”