“Seedbed preparation is the single-most important event in agriculture,” says Murdock. “With our leading technology in ground-engaging tools, there are a lot of global opportunities. With the influx of European manufacturers coming to North America and North American companies going abroad at the same time, it was clear that the tillage player of the future will need to be very global.”

According to Murdock, there is hardly any duplication among the two firms. Bellota has a broader line of plow parts, sweeps and complementary tines and shanks, he says, while bringing significant market share strength in areas outside of North America.

“Most important is our ability to now have manufacturing plants on other continents, making it easier for customers to acquire key ground-engaging tools that otherwise could only have been sourced only in North America," he says. "Many original equipment manufacturers wanted us to expand our product offering and this can now happen at a greater pace.”

While Ingersoll is primarily a supplier to OEMs, Bellota with a few key OEMs, has a greater footprint in the aftermarket business.

Additional information will be available upon closing of the acquisition, Murdock says.

Original News Release Below

December 1, 2013 — The shareholders of North American Tillage Tools Co. (doing business as Ingersoll Tillage Group (ITG)) and Corporación Patricio Echeverría (CPE) are pleased to announce 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 the only truly global manufacturer and supplier of agricultural tillage, seeding and sugar harvesting products and solutions as well as bring renewed excitement to the hand-tool business. 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.

About Ingersoll Tillage Group (ITG)
Ingersoll Tillage Group has more than 100 years of history producing and providing high quality ground engaging tillage tools mainly for the North American markets. ITG is a privately held group of companies focused on delivering key components to their chosen customers. The company’s line of disc blades, coulters and planting/seeding disc are supplied to many of the
major original equipment manufacturers (OEMs) and marketed under their brand marks. Some of the products produced by ITG include: ResidueRazor disc, SoilRazor disc, Super Sharp blades, Duraface long wearing blades. Additional information available at http://www.ingersolltillage.com

About Corporacion Patricio Echeverria (CPE)
With more than 100 years of history, in more than 120 countries and more than 1,300 employees, CPE, better known worldwide by its brand Bellota, has two businesses: i) Bellota Hand-tools (BHT) that focuses on the development, manufacturing and commercialization of high quality hand tools (more than 18,000 references) for construction, gardening and agriculture uses, with commercial and manufacturing presence in Europe, Central America,
South America and the U.S. (under the brand of Corona in the U.S.), and ii) Bellota Agrisolutions (BAS) that focuses on the development, manufacturing and commercialization of components for agricultural machinery (blades, cultivator points, tines, points for ploughshares, etc.) under the Bellota Agrisolutions brand, with commercial presence in all worldwide agricultural areas and manufacturing facilities in Spain, the U.S., India and Brazil. Additional
information available at http://www.bellota.com