Exercised in advance the option to acquire an additional 58% stake in Agres Eletrônicos Sistemas SA
Bagnolo in Piano (RE), 15 October 2020 - Emak S.p.A. (MTA, STAR) announces that its subsidiary Tecomec S.r.l. acquired a further 58% of the share capital of Agres, thus reaching an overall share of 91%. The remaining shares are owned by executives involved in the company's daily activities. The transaction anticipates the provisions of the contractual agreements signed in January 2019. The price paid was 25.7 million Reais, equal to approximately 3.9 million Euro.
Agres is a Brazilian company leader in the development and selling of precision agriculture products and solutions, with a range of control system such as the virtual guidance, auto-steering system, selective spraying, fertilization rate control and cloud connectivity, with specific skills on artificial intelligence, computer vision, and machine learning applications. In the first nine months 2020 Agres has registered a sales turnover of around 27.4 million Reais, provisional management value, an increase of 43.3% compared to the same period of last year, demonstrating flexibility and resilience in an unfavourable context due to the health emergency.
With this transaction, Tecomec will consolidate its presence in South America and Brazil and will strengthen its position as a global supplier in the agricultural sector, boosting its already extensive product portfolio.