AIRPORT CITY, Israel — The world’s largest generic crop protection product manufacturer, Makhteshim Agan Industries (MAI), comprará Iowa, con sede en EE. UU. Albaugh, que también produce agroquímicos genéricos por $1 mil millones, según un MAI presione soltar. Albaugh es un productor líder de genéricos en Estados Unidos, México, Argentina y Brasil.
Yesterday, MAI signed a letter of intent to pay $340 million in cash, $455 million in seven-year promissory notes and $59 million of its own shares equivalent to a 12% stake worth $211 million. The deal has been approved by the boards of both companies. MAI — a subsidiary of Koor Industries, which is part of Nochi Dankner’s IDB Holding — had sales of $2.2 billion in 2009. The combined company will have the potential to realize $50 million to $60 million in synergies, said MAI, which cited key benefits of the transaction as: penetration into North American markets; market-leading, low-cost operations in Latin America with existing sales and distribution relationships; significant product cross-selling opportunities; improved production capabilities in major and growing molecules; and improved cost structure of active ingredients and products markets.
Albaugh’s leadership will take over the top spots at Makteshim Agan North America (MANA): Dennis Albaugh will become chairman of MANA, and current Albaugh President Spencer Vance will become MANA CEO. Rob Williams, who currently heads MANA, will become deputy CEO of the new company.
Se espera que el acuerdo se cierre en el cuarto trimestre de 2010, sujeto a la finalización de la debida diligencia y las aprobaciones regulatorias en los EE. UU., Europa y otros países. MAI espera que la adquisición sea rentable dentro de un año de cierre, sobre una base no GAAP.