Makhteshim Agan Group Announces Termination of Negotiations With Albaugh

RALEIGH, N.C., Sept. 7 /PRNewswire/ -- The parent company of Makhteshim Agan of North America ("MANA"), The Makhteshim Agan Group ("MAI"), announced on September 2, 2010  the termination of negotiations with Albaugh Inc. ("Albaugh"), a privately held, leading manufacturer of off-patent crop protection products operating in the Americas. This announcement follows MAI's earlier announcement on June 27, 2010 that it had signed a Letter of Intent ("LOI") providing for the acquisition of Albaugh by MAI. The termination of negotiations follows various findings that surfaced in the course of a due diligence process, which constituted a material deviation from the data based on which the Company decided to enter the LOI.

MAI recently announced a strengthening of its American operations, including the creation of the Americas Region, which will include MAI's businesses in North America and Latin America, establishing offices in Miami, Florida to oversee operations in the Hemisphere and enhancing the company's focus on its U.S. agricultural business and other operations in the region.  MAI remains committed to developing its portfolio of best-in-class crop protection products and providing proven solutions to help growers control pests and manage input costs.

Mr. Shaul Friedland, head of the Americas Region of MAI said, "Following a lengthy due diligence process and close consideration, we took the decision not to move forward with the acquisition process. Our U.S. agricultural business remains an important growth engine for the international Group. The MANA team is committed to providing the broadest and most flexible product portfolio and services to our customers across the U.S. to best address the diverse needs of the region."

Mr. Rob Williams, CEO of MANA said, "We have worked hard to strengthen and expand our presence as a leading supplier of crop protection products to the important U.S. market. MANA already has a solid platform in place on which we will continue to build, not just in terms of sales and market share, but also in the level of respect and recognition for our MANA brand."

About MAI and MANA

Makhteshim Agan Industries, Ltd. (MAI) is a world-leading manufacturer and distributor of branded off-patent crop protection products. With sales over $2.2 billion in 2009, MAI ranks seventh in global agrochemical companies. 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 about Makhteshim Agan please visit www.ma-industries.com. MANA is a North American wholly owned affiliate of MAI. MANA offers the most comprehensive and diversified product portfolio in the crop protection industry, with more than 60 formulations of insecticides, fungicides, herbicides, plant growth regulators, and harvest aids. Additional information about MANA can be found online at www.manainc.com.

SOURCE Makhteshim Agan Industries, Ltd.