The Russian farm equipment manufacturer which held just over 80 per cent of Canadian tractor and equipment maker Buhler Industries has now taken up near complete ownership.
Winnipeg-based, publicly-traded Buhler Industries announced Wednesday that Combine Factory Rostselmash has bought another 16.3 per cent of Buhler shares for $3 per share, or about $12.25 million.
Buhler, whose own product lines include Versatile tractors, combines, seeding and tillage equipment and Farm King implements, also makes the M8 tractor line for Kubota at its Winnipeg plant.
Rostselmash, which bought its 80 per cent stake in 2007, has picked up the additional shares in a private deal with Highland Park Financial, controlled by Buhler board member and former chair John Buhler, the company said.
Read Also
Dryness poised to threaten Saskatchewan crops
Crops in Saskatchewan are developing in opposite directions, the province’s latest crop report said. Growing conditions in the province vary, with some areas receiving enough rain while other locations are experiencing crop stress due to hot, dry conditions.
The deal raises Rostselmash’s stake from 80.4 per cent up to 96.7 per cent of Buhler Industries, which said Wednesday the Russian firm’s latest purchase was made for “investment purposes.”
Buhler’s TSX-traded stock closed Wednesday at $2.95 per share, its lowest value since February.
Starting as a state-owned factory in 1929, Rostselmash started producing combine harvesters in 1931, went publicly traded in 1992 and was taken private in 2000.
The company, based at Rostov-on-Don on the Sea of Azov, today makes combines, forage harvesters and tractors. — Glacier FarmMedia Network
