The Shareholders of North American Tillage Tools Company doing business as Ingersoll Tillage Group (ITG) has announced the closing of the acquisition of majority share capital of Corporacion Patricio Echeverria (CPE), completing the purchase agreement signed in December 2013. The closing is effective March 20, 2014. CPE’s products are marketed under the “Bellota” brand name.
"The new group creates the only truly global manufacturer and supplier of agricultural tillage, seeding and sugar cane harvesting products and solutions, and reinforces its position in the market for the hand tool businesses."
Leonard Wessell stated “CPE has a well-established track record in the agricultural and hand tools business sectors and the Bellota brand is one of the most well recognized brands in its markets in the world. We see tremendous opportunities for CPE to further expand its business, and the Board of Directors has communicated its commitment to investing in and growing both the Ingersoll and Bellota brands to meet global customer demands. The new group creates the only truly global manufacturer and supplier of agricultural tillage, seeding and sugar cane harvesting products and solutions, and reinforces its position in the market for the hand tool businesses”. Wessell is one of ITG’s principal shareholders.
On March 21st, the Board of Directors of Corporacion Patricio Echeverria (CPE), announced the appointment of Steven L. Garrette as acting President and Chief Executive Officer (CEO) for Corporacion Patricio Echeverria. Mr. Garrette will also maintain his current role as President and CEO for Ingersoll.
Wessell continued, “Mr. Garrette is a seasoned Industrials executive. On behalf of the Board of Directors, we are confident in his capabilities and commitment to lead CPE during this leadership transition and to play a pivotal role as the new CEO in furthering CPE’s evolution into a leading global player in the AgriSolutions and Hand Tools market.”
The new group has capabilities as a global supplier of ground-engaging products with a total of six agricultural manufacturing locations including plants in Europe, South America and India, plus two facilities in North America. “Major equipment manufacturers are increasing their presence internationally, with many of them manufacturing in other countries”, stated Steve Garrette, Group CEO & President. “We are now better equipped as a leading supplier to support their global operations, and to deliver innovative solutions to help feed a growing world”, Garrette said. “We look forward to supporting our customers by continuing to promote both the Ingersoll and Bellota brands”.