18 December 2012 18:31 [Source: ICIS news]
HOUSTON (ICIS)--Japan's Sumitomo Chemical has acquired a majority interest in US pesticide maker MGK, the companies said on Tuesday.
"MGK will remain focused on its core business strategies under Sumitomo Chemical, said MGK president Steve Gullickson.
The Gullickson family, majority shareholders for four generations, remains a minority shareholder in MGK.
Specific terms of the deal were not disclosed.
MGK, one of the first companies to commercially develop naturally-derived pyrethrum into insecticide, becomes a subsidiary of Sumitomo Chemical.
MGK and its subsidiaries employ 250 people at its facilities in North America, Europe, Africa and Australia.
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