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Jain Irrigation Announces Acquisition of Chapin Watermatics Inc.

May 2, 2006

Jain Irrigation Systems Ltd, India has announced the acquisition of 100% of the shares of Chapin Watermatics, Inc., Watertown, New York, USA through its second generation wholly owned subsidiary, Jain (Americas), Inc, Ohio, USA.

Jain Irrigation Systems Ltd is a diversified company with more than 3,000 employees and sales in excess of $200 million with a product portfolio encompassing Irrigation Products, Piping Systems, Plastic Sheets, Dehydrated Foods, Fruit Puree, Pulp and Juices and Solar Energy based Thermal and Photovoltaic Systems in India and other world markets. Jain Irrigation has pioneered drip irrigation for small farmers in India and has the majority market share in one of the fastest growing irrigation markets in the world.

Chapin Watermatics Inc. is a pioneer and leading manufacturer of drip tape and is known as a complete source for field crop and greenhouse/nursery drip irrigation systems. The company was founded in the early 1960’s by inventor, Mr. Richard D. Chapin, who has been credited with several patents in this field. Chapin has also successfully pioneered and initiated design and development of a "family sized" drip kit intended to help poor families in developing countries to feed themselves.

This acquisition will further enhance the position of Jain Irrigation in the Irrigation Industry and will provide additional financial and marketing strength to Chapin Watermatics in various global markets and also significantly enhance Jain Irrigation’s ability to participate in turnkey projects in developing world markets while providing a strategic brand fit in matured markets of USA and Europe. Marketing subsidiaries of Jain Irrigation in USA, Europe and Africa and their warehousing facilities will provide additional marketing and logistic support to Chapin Watermatics.

Another important outcome will be Jain Irrigation’s ability to be the only company in the world making complete product range suitable for all types of crops in various geographies for small as well as large farm holdings across the world.

Jain Irrigation is the only company in the world that produces complete Drip Irrigation Systems including PVC Pipes, PVC Fittings, poly tubing and fittings, emitters, filtration equipment, and fertigation equipment under one roof. Marketing subsidiaries of Jain Irrigation in the USA, Europe and Africa and their warehousing facilities will provide additional marketing and logistics support to Chapin Watermatics Inc.

Chapin Watermatics Inc. will continue its operations in Watertown with William A. Chapin as its President. Mr. Narinder Gupta has been appointed as Chief Executive Officer with a mandate to increase the company sales multifold in the next 2-3 years. Mr. Richard D. Chapin will continue as the chairman of the Board of Directors, and Ronald C. Westcott will continue as Secretary & Treasurer. Jain Irrigation will infuse additional funds in Chapin Watermatics Inc. to improve its production facilities and enhance its production capacity.

Watermatics President, Bill Chapin, said “Our company’s strength has always been the quality of our industrious employees, while the company’s greatest weakness has been the lack of financial resources to expand regularly when the time was right. Jain brings the financial resources, and a lot more, to compliment our tremendous work force.”

Chapin Watermatics will continue to support the good work being carried out in developing countries throughout the world by Richard D. Chapin, Executive Director of Chapin Living Waters Foundation.

Mr. Anil Jain, CEO of Jain Irrigation said after signing the deal in Watertown, N.Y. “The focused marketing efforts that Jain brings to the deal will complement the excellent products of Chapin and the acquisition will catapult Jain Irrigation and Chapin Watermatics to the forefront in growing global markets for irrigation equipment”.

Published 4th May 2006

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