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主页 > 新闻中心 > 行业新闻 >   FIMI赢得购买约翰迪尔水控制权
私募股权基金的FIMI在赢得购买美国公司的约翰迪尔水控制权的拍卖后,将要迎来更大的管理挑战。
 
  FIMI是由YishaiDavidi领导的公司,将会支付6000万美元,从美国大型农业设备制造商手中,通过竞争投标,击败了私募股基金Paine潘恩和希腊公司Eurodrip,以色列耐特菲姆滴灌产品制造商和英国收购基金ApaxPartners众多对手后,赢得了这项买卖。
 
  在2006到2008之间约翰迪尔水公司由美国公司收购,它同时收购了许多灌溉设备公司,其中包括有以色列的滴灌生产商Plastro普拉斯托,它是从基布兹Plastro手中花了1.2亿美元买下的。当时的目的是建立一个价值10亿美元的公司,但整个计划最后证实是个管理决策的失误。
 
  当时,新创建的约翰迪尔水公司被放在了母公司的农业和草坪部门,该部门只是专门进行农场机械方面的产品营销,而不是农场灌溉的设备销售专业部门。该部门没有把注意力放在上面,也是因为该灌溉产品的销售总额只有2.2亿美元,而全部的部门销售总额是290亿美元。
 
  Palstro产品线继续在基布兹的Palstro工厂制造,但其灌溉产品的销量下降,一年从1.5亿美元下降到8000万美元至9000万美元。约翰迪尔水公司的产品也通过收购美国的T-TAP公司的滴灌带业务,它曾经一年有大约1.4亿美元的销售额。
 
  因公司在例如马铃薯和棉花种植者的,经济和行业的市场地位,使约翰迪尔水公司一度是耐特菲姆极具吸引力的购买对像,耐特菲姆是由泛欧洲基金PanEuropeanPermiraFunds和基布兹哈则瑞姆KibbutzHatzerim购买的一家公司,如果这次购买成功,它将在滴灌产业处于无可争议的领导地位。
 
  另一方面,它将需要关闭的约翰迪尔水公司在基布兹Gvat和MigdalHa’emek的工厂。这就意味着原来的约翰迪尔水公司承诺的使用Gvat生产设施10年和支付基布兹5百万美元的服务费无法实现,这令有些基布兹哈则瑞姆KibbutzHatzerim的成员感觉不满意。
 
  多年来,约翰迪尔给它的水公司投下了大量的资金,最后是2013年只销售了税前的5700万美元产品。该公司在九月宣布,它正在寻求出售该部门。
 
  约翰迪尔水公司在利息,纳税的损失,折旧和摊销损失介于2500万美元和3000万美元之间,去年公布了4000万美元的净损失。公司员工在美国,阿根廷,中国,智利,澳大利亚,巴西,法国,西班牙和以色列工厂有约1000人。它在15个国家有70个分销19个销售办事处。
 
  FIMI无疑将采取削减成本的措施,最关键的是整合制造业务。基布兹Gvat成员计划今天晚上收到约翰迪尔水公司的出售报告和批准转让公司,以及介绍新的控股股东给基布兹员工。
 
 
        附原文(文章来源http://www.haaretz.com/business/.premium-1.574632)
 
  The private equity fund FIMI is about to take on one of its biggest management challenges ever after winning an auction to buy control of the U.S. company John Deere Water.
 
  FIMI, which is managed by Yishai Davidi, will pay $60 million for the unit of the giant American agricultural equipment maker after beating out competing bids from the private equity found Paine and the Greek company Eurodrip, Israeli drip-irrigation maker Netafim and the British buyout Fund Apax Partners.
 
  John Deere Water was formed between 2006 and 2008 after the U.S. company acquired a strong collection of companies making irrigation equipment, among them the Israeli drip-irrigation maker Plastro, which it bought for $120 million from Kibbutz Gvat. The aim was to create a $1 billion company, but the plan unraveled as a result of poor management decisions.
 
  The newly created John Deere Water was put under the parent company’s agriculture and turf division and marketing was given over to a sales force specializing in farm equipment not irrigation. The unit got little attention because the unit’s sales amounted to some $220 million, compared with $29 billion for the entire division.
 
  The Palstro product line continued to be manufactured at the Palstro plant in Kibbutz Gvat, but sales of its equipment plunged from $150 million to just $80 million to $90 million a year. The John Deere Water products it acquired buying the U.S. company T- Systems, using drip tape technology, had sales of about $140 million annually.
 
  The company’s market position in emerging economies and sectors such as potato and cotton growers made Jonh Deere Water an attractive proposition for Netafim, which is controlled by the Pan European Permira Funds and Kibbutz Hatzerim. Buying the company would have made it the undisputed leader in the drip-irrigation industry.
 
  On the other hand, it would have required closing down John Deere Water’s factories at Kibbutz Gvat and in Migdal Ha’emek. It would have meant backtracking on John Deere Water’s commitment to use the Gvat facilities for another 10 years and to pay the kibbutz $5 million in service fees, something that the members of Kibbutz Hatzerim reportedly did not feel comfortable doing.
 
  Over the years John Deere has written off large portions of its investment in the water unit, the last being a pre-tax write-down of $57 million taken in 2013. The company announced in September that it was selling the unit.
 
  John Deere Water had a loss before interest, taxes, depreciation and amortization of somewhere between $25 million and $30 million last year and posted a net loss of $40 million. The company employs about 1,000 people in plants in the Unied States, Argentina, China, Chile, Australia, Brazil, France, Spain as well as Israel. It has 19 sales offices in 15 countries and works with 70 distributors.
 
  FIMI will no doubt take cost-cutting measures, most critically consolidating manufacturing operations. The members of Kibbutz Gvat are schedule this evening to receive a report on John Deere Water’s sale and approve transferring the company’s obligations to employ kibbutz workers to its new controlling shareholders.
 

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