Released on 18/12/12
Japan's Sumitomo Chemical has acquired a majority interest in US pesticide maker MGK, the companies said on Tuesday.
Sumitomo has been a shareholder of Minnesota-based MGK since 1989.
"MGK will remain focused on its core business strategies under Sumitomo Chemical, said MGK president Steve Gullickson.
The Gullickson family, majority shareholders for four generations, remains a minority shareholder in MGK.
Specific terms of the deal were not disclosed.
MGK, one of the first companies to commercially develop naturally-derived pyrethrum into insecticide, becomes a subsidiary of Sumitomo Chemical.
MGK and its subsidiaries employ 250 people at its facilities in North America, Europe, Africa and Australia.
Source ICIS News
Japan's Sumitomo Chemical has acquired a majority interest in US pesticide maker MGK, the companies said on Tuesday.
Sumitomo has been a shareholder of Minnesota-based MGK since 1989.
"MGK will remain focused on its core business strategies under Sumitomo Chemical, said MGK president Steve Gullickson.
The Gullickson family, majority shareholders for four generations, remains a minority shareholder in MGK.
Specific terms of the deal were not disclosed.
MGK, one of the first companies to commercially develop naturally-derived pyrethrum into insecticide, becomes a subsidiary of Sumitomo Chemical.
MGK and its subsidiaries employ 250 people at its facilities in North America, Europe, Africa and Australia.
Source ICIS News