The Shareholders of North American Tillage Tools Company, doing business as Ingersoll Tillage Group (ITG), has announced the closing of the acquisition of the majority share capital of Corporacion Patricio Echeverria (CPE). This completes the purchase agreement that was signed in December of 2013.
The closing was effective on March 20, 2014. CPE’s products are marketed under the “Bellota” brand name, including rasps for the equine footcare market.
Leonard Wessell, one of ITG’s principal stockholders, stated that “CPE has a well-established track record in the agricultural and hand tools business sectors and the Bellota brand is one of the most well recognized brands in its markets throughout the world.
“We see tremendous opportunities for CPE to further expand its business,” he says. “The Board of Directors has communicated its commitment to investing in and growing both the Ingersoll® and Bellota® brands to meet global customer demands. The new group creates the only truly global manufacturer and supplier of agricultural tillage, seeding and sugar cane harvesting products and solutions, and reinforces its position in the market for the hand tool businesses.”
On March 21, the Board of Directors of Corporacion Patricio Echeverria (CPE), announced the appointment of Steven L. Garrette as acting President and Chief Executive Officer (CEO) for Corporacion Patricio Echeverria. Mr. Garrette will also maintain his current role as President and CEO for Ingersoll.
“Mr. Garrette is a seasoned industrial executive,” says Wessell. “On behalf of the Board of Directors, we are confident in his capabilities and commitment to lead CPE during this leadership transition and to play a pivotal role with the new CEO in furthering CPE’s evolution into a leading global player in the AgriSolutions and Hand Tools market.”
The new group has capabilities as a global supplier of ground-engaging products with six agricultural manufacturing locations in Europe, South America and India, plus two facilities in North America.
“Major equipment manufacturers are increasing their presence internationally, with many of them manufacturing in other countries,” stated Steve Garrette, Group CEO & President. “We are now better equipped as a leading supplier to support their global operations, and to deliver innovative solutions to help feed a growing world. We look forward to better supporting our customers, promoting both the Ingersoll and Bellota brands.”
Ingersoll Tillage Group (ITG)
Ingersoll Tillage Group has more than 100 years of history in producing and providing high quality ground-engaging tillage tools mainly for the North American markets. ITG is a privately held group of companies focused on delivering key components to their chosen customers.
The Company’s line of disc blades, coulters and planting/seeding disc are supplied to many of the major original equipment manufacturers (OEMs) and marketed under their brand marks. Some of the products produced by ITG include: ResidueRazor® disc, SoilRazor® disc, Super Sharp™ blades and DuraFace™ long wearing blades. Additional information is available at http://www.ingersolltillage.com.
Corporacion Patricio Echeverria (CPE)
With more than 100 years of history in more than 120 countries and more than 1,300 employees, CPE is known worldwide by its brands Bellota, Corona, Duas Caras, Rozalma and Solbjerg.
Bellota Hand-Tools (BHT) focuses on the development, manufacturing and commercialization of high quality hand tools (more than 18,000 items) for construction, gardening, equine and agriculture uses, with commercial and manufacturing presence in Europe, Central America, South America and the U.S.
Bellota Agrisolutions (BAS) focuses on the development, manufacturing and commercialization of components for agricultural machinery (such as blades, cultivator points, tines, points for plow shares, etc.). The firm has a commercial presence in all worldwide agricultural areas and manufacturing facilities in Spain, the U.S., India and Brazil. Additional information is available at http://www.bellota.com.