Secret Site Map
Tuesday, July 29, 2014

Home News Chinese Company In Talks To Buy Makhteshim Agan

Chinese Company In Talks To Buy Makhteshim Agan

Business

Koor Industries is in negotiations to sell agrochemicals maker Makhteshim Agan Industries — which includes U.S. subsidiary Control Solutions, Inc. — to China National Chemical Corporation (ChemChina).

PCT Magazine | October 12, 2010

Koor Industries is in negotiations to sell agrochemicals maker Makhteshim Agan Industries — which includes U.S. subsidiary Control Solutions, Inc. — to China National Chemical Corporation (ChemChina).

In a statement released yesterday, Koor Industries said it reached an “initial understanding” with China National Chemical Corp. to take the company private at a deal that would value the world’s biggest maker of generic crop chemicals at $2.72 billion.

Mark Boyd, president of Control Solutions, Inc., told PCT, “As most people in our industry know, we live in a global economy. Today, most of the Active Ingredients that are used to control insects in the U.S. market are produced in China, India and Israel.”

Boyd added that as Makhteshim (MAI) looks to the future, “the pending cooperation with ChemChina will help to ensure a low cost position for MAI and better market access for ChemChina. Therefore, subject to the successful completion of the transaction, MAI's management will lead the combined company and will be responsible for extracting its full growth potential. We will take the time to build a unique business model for the combined entity, taking the best capabilities from each organization and continuing to expand and improve our global infrastructure over time.”

As a result of this announcement Makhteshim Agan’s stock surged the most on record, jumping 27 percent.

PCT will provide updates to this story as they become available.
 

Top news

Cook’s Open House Showcases State-of-the-Art Training Facilities

Residential and commercial training centers provide hands-on educational opportunities in a “real-world” setting for technicians and sales personnel.

Arrow Exterminators Acquires Alchemy Pest Control

Alchemy is based in Raleigh, N.C., and serves the greater Raleigh-Durham area and surrounding communities.

Canada's Bed Bug Problem Worsening, Experts Say

Bed bugs are multiplying in record numbers in cities and smaller communities across Canada, CTN News reports.

'Super Ants' Discovered in London

An invasion of super ants that are attracted to electricity is feared to be spreading across the south of the country after a large nest was discovered in a house in London, metro.co.uk reports.

Bed Bugs Turn Up in Senate Office Building

The pests were found on the sixth floor of the Dirksen building last week, causing officials to take emergency measures such as closing off a restroom for a couple of days with yellow police tape, the Daily Caller reports.