This seems like a decent tuck in acqusition for LNR, at $640M it is still more than 15% of the LNR's market value, so it does carry significance. LNR aims to complement its present agricultural equipment offerings with this acqusition. Bourgault is a well established name as a market and technology leader in broad acre seeding. We think this should prove to be a solid move to expand and diversify LNR's product offering. Time will be needed to tell how effectively synergies are captured from the acquisition. The company has about 1,000 employees and has been in business 50 years. The conference call outlined LNR's strategy to bulk up several of its divisions, and this is the third acquisition this year. LNR wants to diversify and have six divisions, to help offset automotive exposure. We are comfortable with the plan and managment.
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