Expansion of water business in Europe: NORMA Group acquires Italian company Teco
Maintal, Germany/Trani, Italia, December 21, 2023
- Teco offers irrigation solutions for gardening, landscaping and agriculture
- Acquisition is part of the global expansion of the water business
Today, NORMA Group signed an agreement to acquire Italian irrigation products provider Teco Srl (“Teco”). Teco specializes in irrigation products for gardening, landscaping and agriculture. The acquisition is scheduled to be completed in early 2024. The parties have agreed to maintain confidentiality regarding the purchase price.
“The acquisition is a crucial step in the global expansion of our water management business,” says NORMA Group CEO Guido Grandi. “With the Teco acquisition, we are expanding our product portfolio and strengthening our development expertise in the European water management sector. Targeted and efficient irrigation of plants in fields as well as irrigation for gardens and public spaces is becoming increasingly important. The periods of drought witnessed in southern Europe in the last years provide striking evidence of this.”
Teco, which is based in Trani in Puglia, has some 20 years of experience in product development and distribution of micro-irrigation solutions. This method of irrigation provides plants with a specific and constant limited amount of water. The company boasts approximately 800 products, including drippers, sprayers, valves and joining elements. Teco’s customers are wholesalers as well as manufacturers of water management systems. In financial year 2022, sales for the company, which was founded in 2004, were approximately EUR 4.7 million.
Samir Shah, President Americas & Water Management at NORMA Group, said: “Through the acquisition, we are gaining additional expertise as well as customers and suppliers in Europe. The Teco acquisition is an important step forward toward realizing our ambitious growth targets for the water management business in Europe. We are committed to developing and delivering our products wherever the demand exists. This approach allows our customers benefit from efficient transport and on-site services.”
NORMA Group generates about a quarter of its sales with water management products. To date, the business is generated primarily in the USA, India, Malaysia and Australia. For the past two years, NORMA Group has maintained a production partnership with an Italian manufacturer of connection technology for drinking water applications. The share of the water business in Europe is expected to grow significantly in the next five years as total sales increase.
