Sumitomo has major stake in MGK of Minneapolis
Sumitomo Chemical has added a majority stake in MGK, a Minneapolis, Minn.-based maker of insect control technologies, for doing business in North America.
Sumitomo has been a shareholder in MGK since 1989. A recent share purchase raised its ownership stake in MGK to 76.36 percent, up from 32.88 percent following an agreement with the Gullickson family, the founders and previous majority shareholders of MGK.
“North America is one of the most important markets for household and public health insect control products and is of vital importance to Sumitomo Chemical’s global Environmental Health business sector,” said Ryo Sato, executive officer of Sumitomo.
Sumitomo is a long-standing provider of professional pest control products and technologies, as is MGK. Sumitomo also has stakes in several agricultural pesticide markets in the U.S.
MGK claims it is one of the first companies to commercially develop naturally-derived pyrethrum into insecticide. MGK and its subsidiaries employ 250 people at its facilities in North America, Europe, Africa and Australia.