Lindsay Completes 49.9% Acquisition Of Austria-based Pessl Instruments

Lindsay CorpShs

110.49 CHF 1.86%

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Kaufen / Verkaufen

(RTTNews) - Lindsay Corp. (LNN), a manufacturer of irrigation and infrastructure equipment and technology, Monday announced that it has completed the acquisition of a 49.9 percent minority interest in Austrian advanced technology solutions provider Pessl Instruments.

As previously announced, Lindsay retains the option to purchase the remaining shares of Pessl at a future date.

Lindsay's decision to proceed with the investment was previously disclosed on April 3, 2024.

Pessl operates over one million sensors linked to 100,000 data collection devices worldwide, serving 50,000 active customers through its FieldClimate online platform.

The partnership between the two companies is since 2023 and producers are gaining significant advantage from the integration.

Under the partnership, growers, who utilize Lindsay's FieldNET and FieldNET Advisor remote irrigation management platforms in conjunction with Pessl's METOS weather stations, soil moisture probes, and data-driven FieldClimate software, benefit from advanced agronomic solutions.

Randy Wood, Lindsay President and CEO, said, "We are excited about the incredible potential that our investment in Pessl brings, as we continue to collaborate on the development of new AI-based products to add to our suite of Smart Pivot Solutions."

In the pre-market trading, LNN is 1.87% higher at $120.49 on the New York Stock Exchange.