Arad Acquires Majority Stake in Mexico Water-Meter Maker Cicasa

Arad Group agreed to buy a controlling share of the Mexico City water-meter manufacturer Cicasa to expand operations in Latin America’s second-biggest economy.

The Kibbutz Dalia, Israel-based company confirmed today the $2.04 million purchase of a 51 percent stake in closely held Cicasa. Bloomberg News first reported the planned acquisition yesterday.

The developer of smart water-meters that reduce waste and energy, which holds an option to purchase the remainder of Cicasa, last month reported record 2013 results as net income rose a fifth and sales advanced 15 percent to $156.1 million.

To contact the reporter on this story: Randall Hackley in London at rhackley@bloomberg.net

To contact the editor responsible for this story: Randall Hackley at rhackley@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.