Lindsay Corp. (LNN), a renowned manufacturer in the field of irrigation and infrastructure equipment and technology, announced on Monday the successful acquisition of a 49.9% minority stake in the Austrian advanced technology solutions provider, Pessl Instruments.
As previously disclosed, Lindsay retains the right to purchase the remaining shares of Pessl at a future date. The decision to proceed with this investment was initially made public on April 3, 2024.
Pessl is notable for operating over one million sensors connected to 100,000 data collection devices globally, servicing approximately 50,000 active clients via its FieldClimate online platform.
The partnership between Lindsay and Pessl, initiated in 2023, has been significantly beneficial to producers, enhancing their technological capabilities. This collaboration allows growers using Lindsay's FieldNET and FieldNET Advisor remote irrigation management platforms in combination with Pessl’s METOS weather stations and soil moisture probes, along with the data-driven FieldClimate software, to leverage advanced agronomic solutions.
Randy Wood, President and CEO of Lindsay, expressed enthusiasm about the partnership, stating, "We are thrilled about the tremendous potential our investment in Pessl represents, as we continue to work together to develop innovative AI-based products to expand our Smart Pivot Solutions suite."
In pre-market trading, Lindsay Corp. shares increased by 1.87%, reaching $120.49 on the New York Stock Exchange.
