The shareholders of North American Tillage Tools Co. – DBA Ingersoll Tillage Group and Corporacion Patricio Echeverria – Tuesday announced that an agreement has been reached where ITG will acquire the majority controlling interest in CPE.
The transaction is expected to close in the coming weeks and is subject to normal anti-trust and customary conditions precedent. The new group will create a global manufacturer and supplier of agricultural tillage, seeding and sugar harvesting products and solutions.
Ingersoll Tillage Group manufactures ground engaging tillage tools, mainly for the North American markets. It is a privately held group of companies focused on delivering key components to their chosen customers.
ITG's line of disc blades, coulters and planting/seeding disc are supplied to many of the major Original Equipment Manufacturers and marketed under their brand marks. Some of the products produced by ITG include ResidueRazor disc, SoilRazor disc, Super Sharp blades and Duraface long-wearing blades.
The Shareholders of ITG have communicated their commitment to investing in and growing the combined business globally while continuing operations similar to how they run today, a company statement indicated.