TEL–AVIV, Israel, April 10, 2011 /PRNewswire/ -- the Makhteshim Agan Group (MAI) (TASE: MAIN), the world leader in branded off-patent crop protection solutions, today announced that it will acquire DuPont Crop Protection's (DuPont) global non-mixture diuron business. Financial terms of the agreement were not disclosed.
According to the purchase agreement, MAI will receive rights, registrations and supporting regulatory data for all of DuPont's non-mixture diuron herbicides, including its industry-leading DuPont™ Direx® and Karmex® brands. The acquisition will enhance the Company's global product offering and broaden its market reach in North America, Brazil and Asia Pacific regions. Excluding potential synergies, the acquired products are expected to generate additional annual sales of around $35 mm to MAI in the first year.
"As a leading off-patent global player we are committed to deliver effective, high quality and reliable solutions to farmers globally and generate profitable growth. We are excited to announce this milestone transaction, another strategic move that we take to expand our product offering and global reach through add-on acquisitions," commented Dr. Yoav Zeif, MAI's VP Global Products and Marketing.
"DuPont™ Karmex® and Direx® are premium products that have long been preferred by farmers and applicators globally. We have had vast experience in manufacturing and marketing diuron, a key active ingredient which we continue to support and can now bring to more customers through this acquisition."
Diuron is the leading urea herbicide used in agricultural and IVM (Industrial and Vegetation Management) applications to control a wide variety of annual and perennial broadleaf and grassy weeds. Diuron's major markets include sugarcane, fruit, vegetables and cotton, as well as non-crop sectors.
About Makhteshim Agan Group
Makhteshim Agan Industries, Ltd. (TASE: MAIN) is a world leading manufacturer and distributor of branded off-patent crop protection products. With sales of US$2.38 billion in 2010, MAI ranks seventh in global agrochemical companies, fourth in Europe, with a global share of over 5%. The Company is characterized by its know-how, high-level technological-chemical abilities, expertise in product registration, observance of strict standards of environmental protection, stringent quality control and global marketing and distribution channels. The Company is well positioned to leverage its global scale in sourcing, manufacturing, development and registration to support attractive international growth drivers.
DuPont™, Direx® and Karmex® are trademarks or registered trademarks of DuPont or its affiliates. The Direx® and Karmex® trademarks are being transferred to Makhteshim Agan Industries Ltd.
SOURCE Makhteshim Agan Group