MAI Profit Falls
8 November 2006 MAI continued to suffer during the period from the effects of the soft Brazil market, from rising raw material prices, and from lower sales prices on world markets. Outgoing MAI CEO Shlomo Yanai said, “The decrease in profits this quarter is mainly a result of extraordinarily challenging market conditions in Brazil, as well as increased cost of raw materials and reduction in product prices. Nevertheless, we have grown significantly in the important markets of North America and Europe.” He added that “Thus far 2006 materializes as a low year in the business cycle experienced by the agrochemical industry every few years. Going forward the main trends upon which Makhteshim Agan’s growth relies are still intact.”
Yanai is about to take up the position of CEO of pharmaceuticals company Teva. Commenting on the hunt for a successor to Yanai, MAI chairman Avraham Bigger said, “The board of directors has commenced the process of appointing a new CEO, and we anticipate that this process will soon be over.”
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