Crop divestment continues

Makhteshim-Agan Industries, a subsidiary of Koor Industries, has signed agreements to acquire a number of crop protection products from Bayer CropScience.

Makhteshim-Agan Industries, a subsidiary of Koor Industries, has signed agreements to acquire a number of crop protection products from Bayer CropScience pending the approval by the European Commission and national antitrust authorities.

The total purchase price for the agreements has been set at 52 million Euros including inventory. The total annual turnover in 2001 for the products amounted to 36 million Euros.

Makhteshim-Agan has acquired products and exclusive licenses for 6 products from Bayer in October this year, in addition to the acquisition of the German distribution company Feinchemie Schwebda in June 2002.

The package includes rights to unique mixtures in Europe with Bayer’s Imidacloprid – the largest selling insecticide in the world, which is patent-protected in Europe until 2006.

Last April, the European Commission cleared the acquisition of Aventis CropScience by Bayer subject to conditions of divestment.

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