Makhteshim Agan Group, a world leader in crop protection solutions, today announced that a majority interest of its publically-owned shares have been acquired by China National Agrochemical Corporation, a full subsidiary of China National Chemical Corporation (ChemChina).
Upon this announcement, MAI becomes a private company with 60 percent ownership by ChemChina and 40 percent by Koor Industries Ltd. ChemChina is one of the top 500 companies in the world and the largest chemical producer in China. Koor Industries Ltd. is part of the Israeli holding company IDB Group, and a long time shareholder of MAI stock.
The merger occurred following the approval of MAI shareholders and U.S., European and Brazilian anti-trust authorities.
The MAI and ChemChina merger is the largest transaction ever concluded between a Chinese and an Israeli company, and represents a significant milestone in MAI's 65-year history.
Rob Williams, CEO of MANA Crop Protection, the U.S. agricultural division of parent company MAI, says the merger further strengthens MAI as being optimally positioned to address the global changes and challenges of the agrochemical industry.
"While MANA's customers will continue to receive our utmost commitment and support for the reliable, high-quality solutions we bring to the market today, the MAI and ChemChina merger will aid to solidify our U.S. leadership position in the future," says Williams. "This merger is key to expanding our global manufacturing as well as research and development capabilities - providing the operational resources necessary to introduce exciting new product lines and solutions to the marketplace."