Exel Buys Equipment Technologies
By Mike Brezonick18 January 2016
Exel Industries has acquired all of ET Works LLC, known as Equipment Technologies, the manufacturer of Apache self-propelled sprayers in Mooresville, Ind. Terms were not disclosed.
Based in Paris, France, Exel’s main business is the manufacture of sprayers for agriculture and industry. It is also a significant manufacturer of sugar beet harvesters. Exel owns brands such as Holmer, Agrifac, Matrot, Berthoud and Hardi. The company reported sales of $790 million for 2014-2015 and employs 3650 people in 29 countries.
“It is with great pleasure that we welcome ET Works and its employees in our family-owned group”, said Guerric Ballu, CEO of Exel Industries. “This strategic acquisition for Exel Industries Group, strongly increases our presence in North America, the world’s biggest ag machinery market. ET Works will benefit from Exel’s distribution networks in other parts of the world and from Exel’s innovative technologies to enhance its product range.”
Apache sprayers were introduced in 1997. Today, the largest machine in the company’s line of mechanical self-propelled sprayers is the AS1230, with a 1200 gal. tank capacity and a Tier 4 final Cummins diesel engine rated 260 hp.
ET Works had revenue of $90 million in 2015, from a peak of $140 million before the market downturn. The company employs 170.
“We are pleased to be joining forces with Exel”, said Matt Hays, CEO of Equipment Technologies. “We see a wonderful alignment of Exel’s drive to innovate and our management of ET for the long term. We believe that as part of Exel we will be well-positioned to support our customer’s needs into the future. The deal allows ET employees, suppliers and dealers to continue to operate in the same manner that has generated many years of exceptional performance and service to our customers.”
The company will continue to do business with its current management under the Equipment Technologies and Apache names and maintain its headquarters in Mooresville, said Exel.