Makhteshim Makes Two Acquisitions

Off-patent crop protection chemicals firm Makhteshim Agan has signed definitive agreements to buy 100% of Mexico-based Ingenieria Industrial and 51% of South Korea-based JK Inc. Financial details were not disclosed. Buying Ingenieria, a maker of copper-based pesticides with annual sales of $30 million, allows Israel-based Makhteshim to extend operations into Mexico. And the purchase of JK, with an extensive distribution network and annual sales of $10 million, allows Makhteshim to enlarge its operations in South Korea. Makhteshim itself is a takeover target, and talks are still under way for China National Chemical to buy a 70% interest in the Israeli firm (C&EN, Oct. 18, page 6).