Manitoba’s AGI to Acquire India’s Milltec for C$110M

Winnipeg-headquartered Ag Growth International Inc. (AGI) has entered into an agreement to acquire 100 per cent of the outstanding shares of Bangalore, India-headquartered Milltec Machinery Ltd. for C$109.5 million, plus the potential for up to an additional C$38.4 million based on meeting other growth targets. For the 12 months up until January 31, 2019, Milltec's sales were C$56.2 million. Milltec is a manufacturer of rice milling and processing equipment with 400 full-time employees and four production facilities in India, three of them in Bangalore and one in Chennai. AGI provides equipment solutions for agriculture bulk commodities including seed, fertilizer, grain, feed, and food processing systems.

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