Source: The Makhteshim Agan Group

The Makhteshim Agan Group announced two strategic acquisitions: Ingenieria Industrial S.A de C.V. in Mexico and JK Inc. in Korea. MAI has signed a definitive agreement for the acquisition of 100 percent of Ingenieria Industrial S.A de C.V ("BravoAg"), and it has taken a 51 percent stake in JK Inc. Together, these new operations are expected to generate sales of approximately $40 million in 2010, and will contribute to MAI's sales starting in 2011. Both transactions, for which financial terms were not disclosed, have been signed. The acquisition of JK Inc. has closed, and the acquisition of BravoAg is expected during the next few weeks.

The acquisition of BravoAg enables Makhteshim Agan to realize its long-term growth potential by expanding into Mexico, one of the largest crop protection markets in the world with approximately $700 million in annual sales. Established in 1951, Ingenieria Industrial S.A de C.V is a privately held manufacturer and distributor of copper-based pesticides, a green crop protection method used in organic agriculture. The company has annual sales of approximately $30 million, manufacturing facilities in Mexico in addition to a national sales force. 

Original news release