Kuhn Group has signed an agreement aimed at the purchase of all outstanding shares of French sprayer specialist Artec Pulverisation. Terms of the transaction were not disclosed.
Founded in 2005 by Jean-Pierre Chevallier, Artec specializes in the manufacture of self-propelled agricultural sprayers. In 2017, Artec’s revenues reached 19 million euros ($22 million) with 60 employees.
Kuhn has been a minority shareholder of the company since 2008 and said it plans to become the sole shareholder by the end of 2018, upon the fulfilment of the conditions of the transaction.
The company said Artec’s self-propelled sprayers complement the current offering of the Kuhn Group. Artec products will continue to be distributed under the same brand and colors by a specialized dealer network, said Kuhn.
As a result of the acquisition, Artec is expected to benefit from the expertise and means of Kuhn to support its development in France and international markets.
Kuhn supplies equipment for hay and forage harvesting, livestock feeding and bedding, planting, seeding, crop protection and landscape maintenance. Headquartered in Saverne, France, it has more than 5000 employees at manufacturing sites located around the world.