Water technology investment company Whitewater is set to acquire control of Galcon Ltd., a manufacturer of computerized irrigation controllers, owned by Kibbutz Kfar Blum. Whitewater will initially acquire 37% of Galcon for NIS 37 million, and it will exercise an option to acquire a further 51% of the company for NIS 27 million later this year, giving it full control.
Whitewater said that Galcon is a global expert in irrigation control, and has been valued at NIS 100 million. The company's revenue has grown 83% in the last three years, and 80% of its production is exported, chiefly to markets in the US, Europe, Australia, and South America.
Galcon, which was founded in 1983, produces irrigation control and water conservation solutions for use in municipal and home gardening, agricultural holdings, and livestock management.
Published by Globes [online], Israel business news - www.globes.co.il - on September 23, 2007
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