Arad Acquires Majority Stake in Mexico Water-Meter Maker Cicasa

Apr 10, 2014 8:35 am ET

April 10 (Bloomberg) -- 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.