Jain Irrigation acquires majority stake in US agro product company
20 Nov 2006
Agro products and irrigation systems company Jain Irrigation Systems Ltd will a acquire majority stake, Cascade Specialties, Inc, which specialising in natural low bacteria onion products and organic dehydrated onion.
The transaction is expected to close before the end of December 2006.
The company, which specialises in micro irrigation systems, plastic pipes, plastic sheets and food processing is making the acquisition of the Oregon-based American company through its US subsidiary.
With this acquisition, Jain Irrigation becomes the third largest dehydrated onion producer in the world with a combined capacity in excess of 25,000 MTS. This new capacity along at full utilisation is expected to generate revenue in excess of $50 million by FY 2009 as against $10 million in FY 2006.
This is in line with its aim to be among the 'top 5' companies globally in the lines of businesses it operates and earlier this year it had made two related acquisitions in India.
The
Indian company is traded on the BSE, Luxemburg and the
National Stock Exchange of India.
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