Indian farm equipment maker acquires Swiss firmMarch 3rd, 2008 - 6:14 pm ICT by admin
Mumbai, March 3 (IANS) India’s major farm irrigation equipment manufacturer Jain Irrigations Systems Ltd (JISL) has acquired 69.75 percent shareholding in Thomas Machines SA of Switzerland with full management and operational control. Thomas Machines specialises in manufacturing drip irrigation lines and farm related laser products that JISL had been using to upgrade farm equipment manufactured in India.
Announcing the takeover to the Bombay Stock Exchange (BSE) Monday, JISL in a release said Thomas Machines, established in 1984 and located in Switzerland’s Yvonand, had recently introduced technology to produce laser-welded “composite pipes” that has industrial applications.
The acquisition will help JISL and its subsidiaries to further invest in irrigation to build its capacities for new generation drip lines, the release said.
The existing management will continue to operate the company, JISL said.
JISL will also have the call option on purchasing the remaining 30.25 percent of the shares of Thomas Engines.
“We are excited about the potential of Thomas Eengines to contribute in the growth of our drip division. This will further help to consolidate JISL’s leadership position in the industry worldwide,” said Ajit Jain, joint managing director of JISL.
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