Oshkosh Corp. OSK, +0.62%, a manufacturer of vehicles and equipment, announced on Tuesday that it had reached an agreement with John Bean Technologies Corp. JBT, +3.38% to purchase its AeroTech business for $800,000,000 in cash. Both Oshkosh’s and JBT’s shares were inactive at the premarket. Oshkosh stated that the acquisition of AeroTech will allow it to enter the air transportation market. AeroTech provides products for aviation ground support, gate equipment, and airport services. The deal is expected to be completed in the third quarter 2023. It should increase Oshkosh’s margins as well as deliver recurring revenues. The deal will be financed by a combination cash on hand and its revolving loan facility. Oshkosh shares are down 16.2% for the year, JBT shares are up 15.7% and S&P 500 SPX, +0.09% is up 9.5%.