Netafim announced the acquisition of a majority share in RyM, a Central American irrigation solutions provider. As a result of the acquisition, Netafim will establish a new subsidiary, Netafim Central America.
Founded in 1989, RyM has served as Netafim’s representative in Central America for 25 years. The company has 100 employees and branches in six countries – Guatemala, El Salvador, Honduras, Nicaragua, Panama and Costa Rica. RyM focuses on irrigation projects mainly for sugarcane, pineapples, vegetables, coffee and bananas – Central America’s leading crops that are enjoying growing global demand.
According to the deal, Netafim will own 60% of RyM and subsequently establish Netafim Central America, making it the company’s 29th subsidiary.
“This acquisition is part of Netafim’s growth strategy,” said Ran Maidan, Netafim’s CEO. “Given the great growth potential in Central America, which is one of the world’s largest producing areas of sugarcane, coffee, bananas and other crops that Netafim specializes in, and RyM’s proven track record, the deal opens up new regional opportunities and enables us to leverage our leading technology to further strengthen our position as the world’s smart irrigation leader.”
“This deal is yet another important milestone in our ongoing, fruitful and special collaboration with Netafim,” said Alberto Arguello, RyM founder. “For 50 years, Netafim has set the standard for irrigation worldwide. We’re pleased to become a more integral part of that legacy as we create a great foundation for even further success in the future.”
“Since we’ve maintained a deep and unique partnership for success with RyM over the last 25 years, this acquisition is a natural development for us,” said Natan Barak, Netafim Head of Commercial for the Americas.
For more information:
Netafim
Derech Hashalom 10
Tel Aviv, Israel 67892
Tel: 972 - 8 - 6474747
Fax: 972 - 8 - 6473983
www.netafim.com
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