Does JBT have competitive advantages other than an aging IP portfolio with more and more patents becoming unprotected and paying huge salaries for "sales" people that golf and play poker with key customers?
Competitors are vertically integrating their manufacturing meanwhile JBT is farming more and more out to vendors, compressing margins. Engineering drawings don't exist or are in 2D which management has known about for years and years but done nothing to address. Projects are bid without a full understanding/estimate of costs so the BU takes enormous margin hits. C-Suite changes seem to require physical death. The only corporate initiatives are to increase revenues and margins with little/nothing done to improve organizational efficiency and hire people from outside JBT that know what they're doing.
The stock is hitting new highs so I'm sure the C-Suite and BOD must think they're doing a stellar job.
The key seems to be to collect a nice salary and not care about the performance of the business. If you can do that you'll fit right in