TEL-AVIV, Israel, and MILANO, Italy, June 27, 2011 /PRNewswire/ --
Agreement allows for further development of seed dressing applications; MAI will market the active ingredient using Isagro's global registrations
The Makhteshim Agan Group (MAI) (TASE:MAIN), the world leader in branded off-patent crop protection solutions, and the Isagro Company(Isagro isg:IM) a well-established player in discovery and development of agro-chemicals, announced today they have reached an agreement for the exclusive license of the active ingredient kiralaxyl for seed dressing applications globally.
According to such an agreement, MAI will have the rights to register, develop and market mixtures and formulations based on kiralaxyl for the seed dressing market. Isagro will continue to manufacture and hold registrations for the active ingredient of kiralaxyl. Furthermore, the agreement allows for development and registration of products to better address customer needs in the segment of seed dressing, predominantly in North America. Financial terms of the agreement were not disclosed.
"We are pleased to add an attractive active ingredient such as kiralaxyl to our portfolio, a molecule that complements our product offering for seed dressing applications. The agreement is consistent with our strategy of expanding and enhancing our product offering and is especially complementary to our proposition in the Americas region. By joining forces with a reputed player, such as Isagro, we can advance our ability to create and deliver simple, effective and unique solution to farmers globally" commented Efrat Segal, Head of Global Seed Dressing Sector at MAI.
Massimo Scaglia, Isagro's Business Development Corporate Director said "we are happy for the opportunity to partner with MAI and confident that the agreement will allow us to further develop Kiralaxyl globally on a market segment where Isagro is not present yet. As importantly, by licensing marketing rights to other players in our industry we are able to focus our resources more effectively. We continue to place an emphasis on selective research and market opportunities to generate further growth.
Kiralaxyl is a systemic fungicide with protective and curative action. The molecule is mostly used as a foliar fungicide in grapes, potato and vegetables and sold in mixtures. The use for the seed dressing applications will be focused on various field crops. .
About Makhteshim Agan Group
Makhteshim Agan Industries Ltd is a leading manufacturer and distributor worldwide of crop-protection products and the largest generic player in the sector. The Company supplies efficient solutions to farmers that assist them in combating disease and increase yields. In 2010 the Company's sales revenues were over USD 2.37 billion, and it is ranked number 7 in the world agro-chemicals sector. 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. For more information visit us at http://www.ma-industries.com
About Isagro S.p.A
Isagro is the leading company of a Group which, in a little more than fifteen years, has become a qualified operator in the field of agrochemicals.The policy of strategic partnership that the Company has developed over the years has made it a "small global player". Listed on the STAR segment (mid-cap companies complying with strict requirements) of Milan Stock Exchange, Isagro is active in the discovery, development, production and marketing, on a worldwide scale, of proprietary agricultural pharmaceuticals, as well as in their distribution in some important markets.
Makhteshim Agan Industries:
Rony Patishi-Chillim, Head of Global Corporate communication and Investor Relations Manager, [email protected], tel. +972-73-232-1119, http://www.ma-industries.com
Ruggero Gambini, Investor Relations, tel. +39-02-40901-248
Maria Teresa Agazzani, Corporate Communication, tel. +39-02-40901-266
SOURCE Makhteshim Agan Industries Ltd