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.
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