Norma Group has signed in December 2023 an agreement to acquire Italian irrigation products supplier Teco Srl ("Teco"). Teco specialises in irrigation products for the gardening, landscaping and agricultural sectors. The acquisition is expected to be completed in early 2024. The parties have agreed not to disclose the purchase price.
"This acquisition is a decisive step in the global expansion of our water management business," says Guido Grandi, CEO of the Norma Group. "With the purchase of Teco, we are expanding our product portfolio and strengthening our development expertise in the field of water management in Europe. The targeted and efficient irrigation of plants in fields, gardens and public spaces is becoming increasingly important. The droughts in southern Europe in recent years have demonstrated this impressively.
Teco, based in Trani, Apulia, has around 20 years of experience in the product development and sale of micro-irrigation solutions. With this irrigation method, plants are supplied with a small amount of water in a targeted and constant manner. The company offers around 800 products, including drippers, sprayers, valves and connecting elements. Teco's customers are wholesalers and manufacturers of water management systems. In the 2022 financial year, the turnover of the company, which was founded in 2004, was around 4.7 million euros.
