Lindsay Manufacturing Co., Omaha, Neb., a maker of center pivot, lateral move, and hose reel irrigation systems, has formed a new wholly owned subsidiary
Lindsay Manufacturing Co., Omaha, Neb., a maker of center pivot, lateral move, and hose reel irrigation systems, has formed a new wholly owned subsidiary and entered into merger plan with Rio Vista, Calif.-based Barrier Systems Inc. Privately held BSI is best known for a movable concrete barrier system enabling transportation agencies to adjust lane configurations for optimal traffic flow, while maintaining safety comparable to fixed, Jersey-type structures. The company typically licenses production of the barriers, which are pre-cast with T-shaped top sections that allow a special vehicle to hoist the units in continuous runs and transfer them laterally over the width of a traffic lane. BSI then supplies the vehicle and barriers under a contract plan.
Terms of the merger agreement call for Lindsay to pay $35 million cash for all outstanding BSI stock, using working capital and borrowed funds and targeting a transaction closing by mid June.