http://ads.qctimes.com/articles/2008/06/06/news/business/doc4847ffe6469c0760724227.prt
Deere acquires Israeli irrigation company
Deere & Co. has completed the acquisition of Plastro Irrigation Systems Ltd., headquartered in Israel, positioning the Moline manufacturer as the world's third largest agricultural irrigation company.
In a news release issued this morning, Deere said it will combine Plastro with its growing John Deere Water Technologies operations. Terms of the transaction were not disclosed.
The announcement comes on the heels of Deere's acquisition of T-Systems International Inc., a San Diego, Calif.-based manufacturer of agricultural, nursery, landscape, mining and greenhouse irrigation equipment.
"This sale demonstrates that we have been on the right course in our continuing effort to create value as a company," Plastro Chairman Yonatan Bassi said in the release.
Plastro was established in Israel in 1966 and is a leading provider of irrigation system components including peripheral equipment; agro-technical consultation; design and planning; installation assistance; and training.
"Precision irrigation will help the world meet its demand for increased productivity from agriculture," said Michael McGrady, the president of John Deere Water Technologies. "The world's population growth, demand for improved nutrition globally, and increased interest in renewable fuels all require much more precision in the management of the world's fresh water and arable land."
John Deere Water Technologies, headquartered in San Marcos, Calif., produces plastic micro and drip irrigation products for the agricultural, nursery, landscape, and greenhouse markets. It was founded in June, 2006, with Deere's acquisition of Roberts Irrigation Products, Inc.
Jennifer DeWitt can be contacted at (563) 383-2318 or jdewitt@qctimes.com. Comment on this story at qctimes.com.
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