Lindsay to acquire 49.9% interest in Pessl Instruments

Lindsay Corporation announced it has agreed to acquire a 49.9% minority interest in Austria-based Pessl Instruments GmbH, with an option to acquire the remainder of the company at a later date. Pessl is a global provider of advanced agricultural technology solutions under the METOS brand and offers IoT hardware and software tools for informed decision-making, including field monitoring systems with a wide array of agronomic data points that inform Lindsay’s award-winning FieldNET remote irrigation management platform. This investment by Lindsay comes less than a year after the two companies had initially entered into a strategic partnership, announced in May of 2023, to leverage the combined expertise of both companies and expand value enhancement to growers. “Lindsay remains committed to providing world-class solutions to growers around the globe while also delivering incredible value for our shareholders,” said Randy Wood, President and CEO of Lindsay. “This investment broadens and strengthens our existing partnership with Pessl, accelerating innovations in water management, increasing our global reach, and providing new solutions needed to conserve natural resources and expand our world’s potential. I’m excited to see how our teams work together to revolutionize the way data is used to inform smart decisions and to maximize our world’s precious resources.” The transaction is expected to close in the second half of fiscal 2024, subject to customary closing conditions including regulatory approvals.