Israeli irrigation company Rivulis has announced the acquisition of Indian irrigation company Jain Irrigation Systems Limited in a cash and stock deal. Jain Irrigation will receive stock comprising 22% interest in Rivulis, while Singapore investment company Temasek will hold a 78% stake after the merger is completed.
Rivulis will be dual headquartered in Singapore and Israel and will continue to be named Rivulis Pte. Ltd. Richard Klapholz, the current Rivulis CEO, will continue to lead the company. Jain Irrigation will also be a supplier of irrigation products made in India to the company for its international markets outside of India.
Rivulis was founded at Kibbutz Gvat in northern Israel and originally called Plastro Gvat before being acquired by John Deere in 2007, FIMI in 2014 and then Temasek in 2020 at a company valuation of $450 million. India's Jain includes Israeli company NaanDan which it acquired in 2012.
Jain Irrigation managing director said, "Jain Irrigation's international businesses are the amalgamation of pioneering and path-breaking companies which were brought together over a period under Jain Irrigation's leadership - be it NaanDan, the original inventor of the sprinkler, or Chapin Watermatics that led the way for unique tape technology."
Rivulis CEO Richard Klapholz added: "We are thrilled to have both companies join forces to better serve the growing needs of irrigation markets around the world. While benefitting from significant operational economies of scale and a dedicated, diverse employee base, we will ensure that all commitments to our grower community and to our combined business partners are maintained and further strengthened. Our goal is to ensure that all our customers will continue to be successful and benefit from a broader offering, leading industry brands, expanded manufacturing base and the support of leading irrigation services businesses."
The merged company will have 25 factories and 3,300 employees in 35 countries.
Published by Globes, Israel business news - en.globes.co.il - on June 22, 2022.
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