MA Industries Ltd.(Makhteshim Agan) (TASE: MAIN) reported today that its subsidiary LycoRed has acquired the activities of H. Reisman Corp., a subsidiary of Pharmachem Laboratories Inc. The two companies agreed not to disclose details regarding the deal.
”The acquisition of Reisman's carotenoid product range, which includes raw materials with added value for the health food and dietary supplements industry, expands and strengthens LycoRed's position in this market, where it already plays a major role,” said Makhteshim in its statement.
The Reisman acquisition also gives LycoRed formulation and production capabilities for natural carotenoid value-added formulations, as well as a marketing channel though Resiman's parent company, Pharmachem.
LycoRed CEO Morris Zelkha said that the health food and dietary supplement industry in the U.S. is moving towards one-stop shopping. “In acquiring Reisman, LycoRed is opening the door to more business opportunities in the USA by being able to offer a complete service package and a wider product range,” he added.
Makhteshim CEO Shlomo Yanai said, “This is a significant step in developing our business in nutritional supplements and in expanding the sales of the Makhteshim Agan Group in the USA an important goal of the of Makhteshim Agan's plans for the coming years.”
Last November, Makhteshim acquired, through LycoRed, Buckton Scott Nutrition, a subsidiary of the New Jersey based- Buckton Scott Group. Buckton Scott focuses on the manufacturing of raw materials for the food additives market.
Published by Globes [online], Israel business news - www.globes.co.il - on June 11, 2006
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