Irrigation equipment manufacturing company Plastro was established in 1966 by Kibbutz Gvat. Plastro is the world's second largest drip irrigation company after Netafim (also from Israel) Plastro and Netafim, together with Israel's other irrigation equipment company NaanDan Irrigation Systems, controls roughly half the world market, worth from $1 to $1.5 billion a year.
In 2005 Australian billionaire John Gandel, acquired 50% interest in Plastro Irrigation Systems. But in May 2007 Kibbutz Gvat, using a loan from John Deere & Company, exercised an option to buy back the shares.
In 2008 Kibbutz Gvat agreed to sell its 75.1% stake at Plastro Irrigation Systems Ltd to John Deere at a company value of NIS 265 million. John Deere was obliged to leave Plastro at the kibbutz employing Kibbutz Gvat members for 15 years. Also John Deere agreed to pay Gvat $1.3 million annually over ten years for a non-competition agreement, in exchange Kibbutz Gvat agreed to cease receiving management fees for Plastro
Another sector of Gvat's economy is agriculture. Field crops, citrus fruit, dairy, poultry, ostriches are also farmed and produced in Gvat.
Read more about this topic: Gvat
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Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
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