CTB, Inc. Announces Agreement to Acquire a Controlling Interest in Israeli Controls Manufacturer Agro Logic
MILFORD, Ind., May 9, 2006 – CTB, Inc. today announced that it has signed a definitive agreement to purchase a controlling interest in Yan Agro Logic (1988) Ltd. Founded in 1988, Agro Logic (www.agrologic.com) is a leading Israeli designer, manufacturer and marketer of integrated systems for agricultural use including climate controllers, feed and poultry weighing systems and others. The company is based in Netanya, Israel, near Tel Aviv. Financial terms of the transaction were not disclosed. The transaction is subject to Israeli anti-trust clearance.
Current owners Jan Lichten and Johanan Hershtik will retain an equity interest in the company as well as continue as co-managing directors. Agro Logic, under the new ownership structure, expects to leverage existing global sales channels along with CTB's extensive distribution to further penetrate key markets of the world.
Commenting on the agreement, Victor A. Mancinelli, president and chief executive officer of CTB, said, "Agro Logic is recognized for its innovative and cost-efficient designs. Their easy-to-use products offer a simplicity of understanding which has enabled them to make meaningful in-roads into countries that are in the developing stages of their domestic poultry and livestock production industries. Agro Logic's products compliment well CTB's array of products. We are also impressed with how Agro Logic has used cellular technology in some of their systems, and we anticipate the potential for further employing this technology in additional markets."
Jan Lichten, managing director of Agro Logic, stated, "We are excited about our future prospects working with a partner with the resources and reputation of CTB." Johanan Hershtik, research and development director, added, "This is a great opportunity for Agro Logic to continue its growth in this highly competitive industry where it has specialized in making sophisticated technology simple to use."
CTB, Inc. is a leading global designer, manufacturer and marketer of systems and solutions for the poultry, hog, egg production, and grain industries. Its products focus on improved efficiency in the care of poultry and livestock as well as on grain storage, handling and conditioning. Founded in 1952, CTB has been dedicated to product leadership throughout its history. It operates from multiple locations in the U.S.A. and Europe and serves its customers through a worldwide distribution network.
The company's web address is www.ctbinc.com. For more information, contact Don Steinhilber, Vice President and Chief Financial Officer, CTB, Inc., (574) 658-5306.