Lindsay (NYSE:LNN) has added a new asset to its portfolio. The company announced that it has acquired privately held Claude Laval, also known as LAKOS Separators and Filtration Solutions. The purchase was effected in a stock transaction, the details of which were not made public.
In the press release announcing the news, Lindsay touted the synergies of the acquisition. It quoted President and CEO Rick Parod as saying that "this represents a key strategic addition to the Lindsay Corporation portfolio of companies and is an important expansion of our 'water use efficiencies' capabilities."
According to Lindsay, the Fresno, Calif.-based Laval brings in annual revenues of $25 million to $30 million and has roughly 125 employees.