TEL-AVIV, Israel, Sept. 15, 2013 /PRNewswire/ -- The Makhteshim Agan Group ("MAI"), the world leader in branded off-patent crop protection solutions, today announced the completion of its acquisition of Magan Agrochemicals Serbia, a marketing and distribution company located in Subotica, Serbia ("Magan").
With the completion of the acquisition, Magan becomes a wholly-owned subsidiary of MAI. The acquisition is in line with MAI's strategic direction to deepen its market reach in key emerging geographies. Importantly, this move further strengthens MAI's presence in the Southeastern region of the European Union, and will bolster the Company's growing businesses activities in countries surrounding Serbia.
Commenting on the news, Anders Harfstrand, Chief Executive Officer of MAI's Europe Region said, "The acquisition of Magan, a leader in the Serbian agro sector, provides MAI with a strong platform to build out our existing business activities in Serbia and the Adriatic region. We view Serbia as a very promising market for the sale of our crop protection products. As with other European markets in which we have created a strong presence, we believe that the Serbian agro sector will respond favorably to MAI's broad portfolio of quality products and top-quality service, as well as our on-the-ground sales teams that provides farmers with the solutions they require to overcome their crop protection challenges."
About Makhteshim Agan
Makhteshim Agan Industries Ltd. is a leading manufacturer and distributor worldwide of crop-protection solutions and the largest off-patent player in the sector. The Company supplies efficient solutions to farmers that assist them in combating disease and increasing yields. In 2012, the Company's revenues were over $2.83 billion, and it is ranked seventh in the world in the agro-chemicals industry. The Company is characterized by its know-how, high-level technological-chemical abilities, expertise in product registration, and observance of strict standards of environmental protection, stringent quality control and global marketing and distribution channels. For more information, visit us at www.ma-industries.com.
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SOURCE The Makhteshim Agan Group