New Holland has completed an agreement to buy 35 percent of Flexi-coil, the Saskatoon-based manufacturer of air seeding systems and tillage equipment.
Under the agreement, first announced last June, New Holland will acquire the majority interest in Flexi-coil over time.
Terry Summach will remain president and head of operations. Other terms of the agreement were not disclosed.
New Holland chief executive officer Umberto Quadrino said in a news release last week that New Holland’s worldwide distribution system should open new market opportunities for Flexi-coil products.
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“We anticipate that Flexi-coil will continue to distribute its product line under the well known Flexi-coil brand name. In addition, we expect to begin distribution through selected New Holland dealers and distributors in 1998,” he said.
Flexi-coil employs 1,300 people in Saskatoon making seeding, tillage and spray equipment and another 300 people in sales, assembly and distribution elsewhere. It has been owned by the Summach family since it started in 1952.
New Holland is the market leader in agricultural tractors in most of Europe and in several markets in Latin America, the Pacific Rim and the rest of the world. It has the third largest share of the agricultural equipment markets in the United States and Canada.
New Holland employs approximately 19,000 people and has about 6,000 dealers around the world.
Fletcher’s deeper into salads
Saskatoon newsroom
A subsidiary of Fletcher’s Fine Foods Ltd. has increased its ownership of Freshmark Foods Corp. to 80 percent from 30 percent.
Freshmark Foods is a Washington-based company that manufactures and sells fresh salads and related products in Canada and the United States.
The remaining 20 percent interest in Freshmark is owned by Freshmark’s senior management. The cost of the deal was not released.
In a separate transaction, Freshmark bought an Oregon-based firm producing and selling the Stone Mill line of branded fresh prepared salads in the western U.S.
“The combination of these transactions position Fletcher’s as a major supplier of fresh prepared salads in Western Canada and the Western U.S.,” said Fred Knoedler, Fletcher’s president and chief operating officer.
“Fresh prepared salads represent a rapidly growing category within the deli market and fit well with our other initiatives as a manufacturer of high quality deli products under the Fletcher’s and Grimm’s brand names.”
George Paleologou, Fletcher’s vice-president, said the deal will add about $31 million in sales of mostly high margin branded deli products to Fletcher’s revenues.
