MINNEAPOLIS, Minn. — MGK announced that it has sold a majority interest in the company to Sumitomo Chemical of Tokyo, Japan, a longtime shareholder and partner.
Founded in 1902, Minneapolis-based MGK has partnered with Sumitomo Chemical, a multinational chemical giant in basic chemicals, petrochemicals and life-sciences since the 1970s. Sumitomo Chemical first became an MGK shareholder in 1989.
This current transaction, a stock purchase between Sumitomo Chemical and the Gullickson family, further solidifies this long-term partnership between organizations. “MGK has been a growing and profitable venture for many years, and Sumitomo Chemical’s increased participation gives us continued access to new chemistries and new technologies for insect control,” said MGK President Steve Gullickson.
“We’re pleased that Mr. Gullickson has agreed to continue to serve MGK in his current role. He has led his company to strong growth in the past decade, and we look forward to his continued leadership,” said Ryo Sato, executive officer of Sumitomo Chemical.
The Gullickson family, majority shareholders for four generations, remains a minority shareholder in MGK, and is optimistic about future prospects for the company.
MGK, one of the first companies to commercially develop naturally-derived pyrethrum into insecticide, becomes a subsidiary of Sumitomo Chemical, one of a handful of successful international companies sharing that status. MGK and its subsidiaries employ 250 people at its facilities in North America, Europe, Africa and Australia.