TEL AVIV, Israel, February 25 /PRNewswire/ --
- Netafim Also Announces 2007 Sales of Nearly Half a Billion Dollars, 25% Growth Over the Last Year
Netafim - a global leader and the largest provider of smart irrigation solutions in agriculture - announced the acquisition of a majority stake of the Dutch Revaho group, (http://www.revaho.nl) Europe's leading provider of greenhouse irrigation solutions. In addition, Netafim announced 2007 sales of nearly half a billion dollars, representing a growth of some 25 percent over last year.
The Revaho transaction is part of Netafim's growth strategy based on mergers and acquisitions, and deepening activity in the greenhouse field, which represents one of its main growth engines. Revaho is Netafim's sole representative in the Benelux countries and the United Kingdom.
Revaho's turnover in 2007 amounted to approximately 100 million dollars, with an annual growth rate of approximately 15 percent. Revaho supplies a full package of high-quality irrigation products and solutions for the agricultural sector. The company also supports complex and large scale irrigation and greenhouses turnkey projects across Europe.
Revaho has extensive operations in the United Kingdom, Romania, Ukraine, Belarus, and Russia, as well as leading greenhouse irrigation projects in Eastern Europe and the CIS.
Netafim's CEO and President, Ofer Bloch said: "This acquisition is a significant step in Netafim's growth strategy which focuses on market expansion,, I have no doubt that this acquisition, along with additional strategic mergers and acquisitions will enable Netafim to reach revenues of one billion dollars within just a few years.
Revaho's CEO, Richard van Holstein said: "We are excited by the completion of this transaction and looking forward to strengthening our longstanding partnership with Netafim. We are confident that the transaction will facilitate our joint efforts to expand our global operations and implement an accelerated growth strategy."
About Netafim
Netafim (http://www.netafim.com) is the world's largest and leading company in the field of smart irrigation solutions for agriculture. Company's activity focuses on crop solutions in the area of drip-irrigation, greenhouses, and bio-fuel energy crops.
Netafim operates in more than 110 countries via 32 subsidiaries, with 11 factories throughout the world. The company employs some 2,200 workers.
Netafim is jointly owned by three kibbutzim (Hatzerim, Magal and Yiftah) and by the Markstone and Tenne Funds.
Contact: Yaniv Rosenberg Rimon-Cohen-Sheinkman Public Relations for Netafim, +972-50-4488962
Contact: Yaniv Rosenberg, Rimon-Cohen-Sheinkman, Public Relations for Netafim, +972-50-4488962
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