Jain Irrigation Systems Limited, the agriculture major announced today that it has agreed to acquire control in Aquarius Brands California, USA from Habasit Holding USA Inc for $21.5 million in all cash deal. Aquarius is a debt free company. With the acquisition, Jain Irrigation will become second largest drip irrigation company in the world.
Jain Irrigation is a diversified company with more than 3,800 employees and market capitalization in excess of INR 25 Billion and a product portfolio encompassing Irrigation Products, Piping Products, Plastic Sheets, Dehydrated Foods, Fruit Puree and Juice concentrates. Jain Irrigation has pioneered drip irrigation for small farmers in India and has the major market share in one of the fastest growing irrigation markets in the world. Jain Irrigation had acquired Chapin Watermatics, a leading manufacturer of drip tape located in Watertown, New York in May 2006.
Aquarius is a designer and manufacturer of micro-irrigation systems for agriculture, landscape and nursery applications. Aquarius’ divisions include Agricultural Products (API), PEPCO and Acu-Drip. The company has been providing fittings, filters, air vents, tubing, emitters and accessories to the irrigation industry for more than 35 years.
Managing Director of Jain Irrigation, Anil Jain said after closing the deal in USA.” With this acquisition we have firm foothold in one of the largest markets for the irrigation business and access to latest technology for irrigation components”. He further added that “ Jain Irrigation will now focus on synergies of its operations in India and USA to offer the most diverse but integrated products and services in the irrigation business to customers all over the world”.
“Jain’s products are perfect fit for our company,” says Dave Abrams,president of Aquarius. “The combination of Chapin’s tape, Jain’s low cost manufacturing capabilities and diverse product selection, Aquarius’ broad product line and wide distribution network, is indeed very powerful. We will now be able to offer virtually every type of product, a grower or landscape contractor needs for a drip irrigation system. Our customers have been asking for many of the products that Jain will bring to the table, and the ability to provide a complete, high quality package from one source will enable our customers to lower their costs and grow their business.”
The acquisition will be made through Jain Irrigation Inc, USA, a wholly owned subsidiary of Jain Irrigation Systems Ltd. Closing of the transaction will take place immediately.
(Lawn & Landscape)