Netafim™ Acquires Leading Central American Irrigation Firm RyM
TEL AVIV, September 25, 2016 – Netafim, the global leader in smart irrigation solutions for sustainable productivity, announced today the acquisition of a majority share in RyM, a leading Central American irrigation solutions provider. As a result of the acquisition, Netafim will establish a new subsidiary, Netafim Central America. The deal opens up new opportunities for Netafim, and further strengthens its regional leadership position, while helping Central American farmers grow more with less and increase their profitability.
Founded in 1989, RyM has served as Netafim’s representative in Central America for 25 years. The company has 100 employees and branches in six countries – Guatemala, El Salvador, Honduras, Nicaragua, Panama and Costa Rica. RyM focuses on irrigation projects mainly for sugarcane, pineapples, vegetables, coffee and bananas – Central America’s leading crops that are enjoying growing global demand.
According to the deal, Netafim will own 60% of RyM and subsequently establish Netafim Central America, making it the company’s 29th subsidiary. The global smart irrigation leader will jointly hold the subsidiary with RyM co-owners Alberto Arguello and Carlos Enrique Gonzalez.
“This acquisition is part of Netafim’s growth strategy,” said Ran Maidan, Netafim’s CEO. “Given the great growth potential in Central America, which is one of the world’s largest producing areas of sugarcane, coffee, bananas and other crops that Netafim specializes in, and RyM’s proven track record, the deal opens up new regional opportunities and enables us to leverage our leading technology to further strengthen our position as the world’s smart irrigation leader.”
“This deal is yet another important milestone in our ongoing, fruitful and special collaboration with Netafim,” said Alberto Arguello, RyM founder. “For 50 years, Netafim has set the standard for irrigation worldwide. We’re pleased to become a more integral part of that legacy as we create a great foundation for even further success in the future.”
“Since we’ve maintained a deep and unique partnership for success with RyM over the last 25 years, this acquisition is a natural development for us,” said Natan Barak, Netafim Head of Commercial for the Americas.
RyM was founded in 1989 in Costa Rica with a clear mission to provide high-tech products and excellent service for the irrigation requirements of agricultural market customers. For nearly 30 years, the company has consistently moved forward, with the aim of expanding product lines and services, and achieving leadership in technology and service. RyM’s success is based on sustained growth of business over the years, with strong momentum and dominance in drip irrigation technology. RyM maintains offices in all Central American countries, developing important and successful projects at each branch.