MINNEAPOLIS, Dec. 18, 2012 /PRNewswire/ -- MGK, a worldwide business leader in insect control technologies based in Minneapolis, 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, 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," explained MGK President Steve Gullickson.
Gullickson announced that MGK will remain focused on its core business strategies under Sumitomo Chemical. "They are raising their investment because of our team's success. We anticipate that our enhanced partnership will better position MGK to make life healthier by creating responsible products that protect people and their environments from the impact of insects."
"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.
About MGK (www.mgk.com)
Founded in 1902, MGK sells insect control products into consumer home and pet products, professional pest control, animal health and other markets. MGK is a leader in the development and distribution of wide range of insect control technologies. MGK holds 253 product registrations with the U.S. EPA for insect control products and sells its products into more than 60 countries.
About Sumitomo Chemical Co., Ltd. (www.sumitomo-chem.co.jp/english/)
Sumitomo Chemical is one of Japan's leading chemical companies, offering a diverse range of products globally in the fields of basic chemicals, petrochemicals, IT-related chemicals and materials, health and crop science products, and pharmaceuticals. The company's consolidated net sales for fiscal 2011 were 1.95 trillion yen, or US$23.7 billion.