LONDON: Mottech Water Solutions Ltd, a provider of wireless irrigation control solutions, has signed an agreement to acquire its joint venture partner’s 40% holding in a joint venture it established in China in 2017 (Mottech China).

Following this acquisition, Mottech China is now a fully owned subsidiary of the Company. As announced in 2017, Mottech and its representative in China established this joint venture in order to pursue the Chinese market and now Mottech is strengthening its presence in this market.

As the Company has previously consolidated 100% of the results of Mottech China the acquisition is not expected to have a material impact on MTI’s results in the current financial year.

Moni Borovitz, CEO of MTI commented: “We continue to increase our focus and presence in the Chinese market. The team based in China has been very successful over the last three years and they will all remain in place following this acquisition. It is encouraging to note, that like most Chinese companies, they have returned to work and that the Covid-19 pandemic appears to be contained and no longer adversely affecting Mottech China’s local business operations.

China has become Mottech’s fastest growing market and the team are focused on supplying solutions to Chinese municipalities and large scale agricultural organisations as they seek to better manage their water resources and adapt to climate change. We expect this market growth to continue and expect that China will be one of our largest markets in the future.”