Lindsay Corporation Agrees to Acquire Brazil's Setorial Irrigação

Lindsay Corporation (LNN) has agreed to acquire Setorial Irrigação, a Brazilian manufacturer of hose reel irrigation systems, the irrigation and infrastructure technology company said. The deal is expected to close in the coming months, subject to customary conditions. The acquisition is intended to strengthen Lindsay's position in Brazil's irrigation market and expand its mechanized irrigation product range. Setorial, based in Limeira, São Paulo, has about 30 years of industry experience and makes hose reel irrigation systems, sprinklers, motor pumps and water-conveyance equipment. Its customers include sugar and ethanol mills, small growers, fruit and vegetable producers, cooperatives and family farms. On the NYSE, Lindsay shares traded at $111.99 after hours, after closing Thursday's session up 5.07 percent.