Lindsay Corporation (NYSE: LNN), a prominent global player in irrigation and infrastructure equipment, has announced a significant step forward in its agtech endeavors with the acquisition of a 49.9% minority interest in Pessl Instruments GmbH. This strategic move cements Lindsay’s commitment to advancing agricultural technology and enhancing its offerings to growers worldwide.
Pessl Instruments, headquartered in Austria, is widely recognized for its innovative agricultural technology solutions operating under the METOS brand. These solutions encompass a comprehensive suite of IoT hardware and software tools designed to empower growers with informed decision-making capabilities. With a network of over 80,000 connected in-field data collection devices globally, Pessl has established itself as a leader in providing actionable agronomic insights.
The decision to acquire a minority stake in Pessl comes on the heels of a successful strategic partnership formed between the two companies last year. This partnership aimed to leverage the complementary strengths of Lindsay and Pessl to drive value enhancement for agricultural producers worldwide. Building upon this foundation, Lindsay’s decision to deepen its collaboration with Pessl underscores its commitment to fostering innovation and delivering tangible benefits to growers.
Randy Wood, President and CEO of Lindsay, emphasizes the strategic importance of this investment in advancing water management innovations and expanding the company’s global reach. By aligning with Pessl’s expertise in advanced agricultural technology, Lindsay aims to revolutionize data-driven decision-making in agriculture, thereby enhancing productivity and sustainability across the industry.
The acquisition of a minority stake in Pessl represents a significant milestone for both companies. For Pessl, it signifies a validation of its leading position in the agtech landscape and an opportunity to further accelerate innovation in collaboration with Lindsay. Gottfried Pessl, CEO & Founder of Pessl, expresses enthusiasm for the integration, highlighting the potential for heightened innovation and market expansion.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in the second half of fiscal 2024. Upon completion, Lindsay will hold a substantial minority interest in Pessl, with the option to acquire the remainder of the company at a later date, further solidifying its commitment to long-term collaboration and value creation.
