CEO Shlomo Yanai: This is a further step in our strategy of deepening our presence in Eastern Europe.
MA Industries (Makhteshim Agan) (TASE: MAIN) announced today that a wholly owned foreign subsidiary of the company had signed a memorandum of understanding for the acquisition of Hungarian company Biomark Trading. Biomark distributes crop protection products in Hungary. Its annual turnover is estimated at $10 million. The acquisition is a cash deal.
MA Industries received an option to buy the remaining 30% of the company.
The new partnership is intended to expand the distribution of crop protection products in Hungary through the launch of additional products from MA Industries.
MA Industries CEO Shlomo Yanai said, "This acquisition is a further step in implementing our strategy to deepen our presence in Eastern Europe. The company in Hungary joins MA Industries' distribution companies in Poland and Romania. Eastern Europe is one of regions with the fastest growth in our industry, and we intend to exploit this opportunity. Our growth in Hungary in the past few years has been led by the excellent Biomark team, and we believe that the new partnership will lead to higher sales by MA Industries in Hungary.
Published by Globes [online], Israel business news - www.globes.co.il - on April 6, 2005