Makhteshim Agan increases its holding in CSI to 60%
Makhteshim Agan announced that its wholly-owned subsidiary has implemented early exercise of the option to increase its holding in the American company Control Solutions Inc. (CSI) by another 15%, which brings its holding to 60%. Makhteshim Agan was granted the option in the June 2004 agreement to purchase 45% of CSI for $13.5 million in cash. The companies agreed not to publish the details of the agreement.
CSI's focus is selling agrochemicals to the American non-crop market. The company has posted impressive growth in sales in recent years, which in 2004 reached approximately $55 million, compared with $45 million in 2003. The company has about 110 products.
Danny Porat, VP Business Development at Makhteshim Agan: 'This is yet another step in attaining our goal of entering the non-crop market as part of the company's strategic plan. CSI is a leading company in this field in the U.S.A., and we expect its sales to continue growing.'
In 2004, the global market for non-crop agrochemical products reached $4.7 billion. The American market is the largest in the world, and in 2004 was estimated at $2 billion.
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