Water Ways Technologies to buy 51% stake in irrigation company Hidrotop
Agrotech company Water Ways Technologies has revealed plans to acquire a stake of 51% in Desarrollo de Sistemas Hidraulicos (Hidrotop), a Chile-based irrigation company, for $3.5 million.
Hidrotop is an irrigation and hydraulic engineering firm that operates in the agricultural and mining sectors in Chile and Argentina.
Since 1997, the company is said to have installed more than 30,000 hectares of irrigation projects. Its professional teams are experienced in automation and remote systems administration.
Hidrotop’s primary objectives are to optimize usage of water, implement irrigation in rainfed regions while adapting to climate changes, and deploy high-end technologies.
The deal is contingent on satisfactory completion of a due diligence review of the Chilean irrigation company, defining the appropriate structure of the acquisition, and signing a definitive agreement.
Ohad Haber — Water Ways Technologies Chairman and CEO said: “Our long term goal is to establish Water Ways as a leading irrigation and agriculture technology provider worldwide. We aim to increase and strength our presence in the South American market.
“By completing the acquisition of Hidrotop, we aim to increase our sales and distribution center for South America serving both the Chilean market and the South American farming community.”