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After having acquired Roberts Irrigation, Deere & Co in talks to buy Plastro of Israel
The 2nd largest Israeli irrigation company Plastro announced on June 10th that its controlling shareholder, Kibbutz Gvat, has begun talks with US agricultural equipment company Deere & Company, for the sale of its stake in the company. The company said that no agreement had as yet been reached on the price, structure and timing of the sale. The size of the deal was not disclosed.
The acquisition of Plastro has aroused extensive interest. In April its rival Netafim offered to acquire the company at NIS 11-13 per share. In early May, Kibbutz Gvat (through Gvat Agriculture and Business ACS Ltd.) tightened its grip on the company when it exercised its right of first refusal and acquired Australian billionaire John Gandel's stake, giving it 75% controlling interest in Plastro.
Last year, the Deere company had already acquired the US drip irrigation equipment manufacturer Roberts Irrigation.
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