Makhteshim Agan Acquires Magan

The Makhteshim Agan Group ("MAI"), the world leader in branded off-patent crop protection solutions, recently announced the completion of its acquisition of Magan Agrochemicals Serbia, a marketing and distribution company located in Subotica, Serbia ("Magan").

With the completion of the acquisition, Magan becomes a wholly-owned subsidiary of MAI. The acquisition is in line with MAI's strategic direction to deepen its market reach in key emerging geographies. Importantly, this move further strengthens MAI's presence in the Southeastern region of the European Union, and will bolster the Company's growing businesses activities in countries surrounding Serbia.

Commenting on the news, Anders Harfstrand, Chief Executive Officer of MAI's Europe Region said, "The acquisition of Magan, a leader in the Serbian agro sector, provides MAI with a strong platform to build out our existing business activities in Serbia and the Adriatic region. We view Serbia as a very promising market for the sale of our crop protection products. As with other European markets in which we have created a strong presence, we believe that the Serbian agro sector will respond favorably to MAI's broad portfolio of quality products and top-quality service, as well as our on-the-ground sales teams that provides farmers with the solutions they require to overcome their crop protection challenges."