Israel's Makhteshim Agan, ChemChina complete merger

17 October 2011 11:49  [Source: ICIS news]

SINGAPORE (ICIS)--China National Chemical Corp (ChemChina) has completed the acquisition of a 60% stake in Makhteshim Agan after securing all the necessary regulatory approvals, the Israeli fertilizer producer said on Monday.

This marks the completion of the merger between Makhteshim Agan and ChemChina, it added.

ChemChina made the acquisition through its subsidiary China National Agrochemical Corp. Makhteshim Agan is now a private company, with the remaining 40% held by Koor Industries Ltd – a unit of Israel-based holding company, IDB Group.

“The merger will serve as an engine for [Makhteshim Agan]’s continued growth, securing its position as a major provider of market-driven off-patent crop protection solutions to farmers in more than 120 countries,” said Erez Vigodman, president & CEO of Makhteshim Agan.

“In addition, it will give us a strong presence in markets throughout China and the entire Asia/Pacific region,” he added.

Makhteshim Agan said it hopes to capitalise on its strong base in China to further expand its global infrastructure and its ability to offer the industry’s leading portfolio of crop protection solutions.

The company said it will keep its headquarters in Israel and intends to continue operating all its existing global manufacturing facilities.

The company has key manufacturing facilities located in Israel and Brazil, and smaller facilities in Columbia, Spain and Greece, and has two dozen marketing firms throughout its primary markets in Europe, the US and Latin America, according to Makhteshim Agan's website.

By: Pearl Bantillo
+65 6780 4359

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