Eco Soil to Buy Agri-Valley for $11 Million

Eco Soil Systems Inc. agreed to acquire Agri-Valley Irrigation Inc. for about $11 million in cash, notes and stock and would merge the business with its subsidiary, Agricultural Supply Inc. Agri-Valley Irrigation, based in Fresno, is a full-service irrigation company that provides customers with irrigation design and engineering systems. Its 55 full-time employees and more than 100 seasonal part-time workers are expected to keep their jobs as Agri-Valley, with revenue expected to exceed $16 million in 1999, becomes part of Ag Supply. San Diego-based Eco Soil Systems and its 330 employees develop, market and sell systems to water and maintain golf courses, tomato fields and avocado groves. Eco Soil, meanwhile, reported second-quarter net income of $1.1 million, or 6 cents a share, compared with net income of $1.6 million, or 8 cents, a year ago. Revenue rose to $40.7 million from $26.9 million. Eco Soil shares rose 6 cents to close at $7.94 on Nasdaq.