Rivulis Irrigation Ltd. of Israel and Eurodrip S.A. of Greece announced today that the two companies have entered into a definitive merger agreement in an all-share transaction.
Brands brought into the new company include T-Tape, Ro-Drip, Hydrogol, D5000, Eolos, Compact, PC2 and Olympos, according to a press release.
Transaction closing is subject to satisfaction of certain conditions including, but not limited to, regulatory approvals. The merged company will have 18 factories around the world and 1,800 employees across 5 continents and 30 countries.
The merged company will be headquartered in Gvat, Israel and will be named Rivulis Irrigation, Ltd. Richard Klapholz, the current CEO of Rivulis Irrigation, will lead the merged company. Peter Berweger, Eurodrip Group CEO, will lead the Eurodrip Group.
Rivulis Irrigation was established in June 2014, when India-based FIMI acquired the former John Deere Water division from John Deere.