Jain Irrigation acquires onion dehydrator Cascade

New Delhi, Nov 20: Jain Irrigation Systems Ltd today announced its US-based subidiary has entered into an agreement to purchase the majority interest of onion dehydrator Cascade Specialties, Inc.

The transaction is expected to close before the end of December 2006.

With this acquisition, the company becomes the third largest dehydrated onion producer in the world with total combined capacity in excess of 25,000 metric tonnes.

Earlier this year, the company had acquired two onion-related companies in India. This new capacity along with Cascade's capacity at full utilisation is expected to generate revenue in excess of 50 million dollars by fiscal 2009 as against 10 million dollars in 2006.

''Cascade's commitment to produce high quality products coupled with its excellent reputation for customer service is exactly the approach we take to the marketplace with all of our other businesses,'' Jain Irrigation's Managing Director Anil Jain said.

The company has not planned any major changes regarding personnel and the management leadership of the business, he added.

Jain Irrigation Systems is publicly held and has been operating in the growth oriented businesses of Micro Irrigation Systems, plastic pipes, plastic sheets and food processing over the last 25 years.

''With the addition of this new acquisition, the financial year 2006-07 is going to be a year of significant growth for the food division of the company,'' Jain Irrigation said in a statement.

UNI