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Makhteshim Agan and ChemChina Complete Merger

18 October 2011

GLOBAL - Makhteshim Agan Group (MAI), a world leader in crop protection solutions, announced that a majority interest of its publically-owned shares have been acquired by China National Agrochemical Corporation, a full subsidiary of China National Chemical Corporation (ChemChina).

Upon this announcement, MAI becomes a private company with 60 per cent ownership by ChemChina and 40 per cent by Koor Industries Ltd. ChemChina is one of the top 500 companies in the world and the largest chemical producer in China. Koor Industries Ltd. is part of the Israeli holding company IDB Group, and a long time shareholder of MAI stock. The merger occurred following the approval of MAI shareholders and US, European and Brazilian anti- The MAI and ChemChina merger is the largest transaction ever concluded between a Chinese and an Israeli company, and represents a significant milestone in MAI's 65-year history.

Rob Williams, CEO of MANA Crop Protection, the US agricultural division of parent company MAI, says the merger further strengthens MAI as being optimally positioned to address the global changes and challenges of the agrochemical industry.

"While MANA's customers will continue to receive our utmost commitment and support for the reliable, high-quality solutions we bring to the market today, the MAI and ChemChina merger will aid to solidify our US leadership position in the future," says Williams. "This merger is key to expanding our global manufacturing as well as research and development capabilities - providing the operational resources necessary to introduce exciting new product lines and solutions to the marketplace."

Williams will continue to lead MANA's US operations from Raleigh, NC, while MAI's current management team will continue to lead the company and maintain its global headquarters in Tel Aviv, Israel. Operations of existing global manufacturing facilities will remain unchanged.

In parallel, MAI will seek to capitalize on newly provided resources from ChinaChina to further expand its global infrastructure and its ability to offer the industry's leading portfolio of crop protection solutions. In an earlier released statement, Erez Vigodman, President and Chief Executive Officer of MAI, says the merger represents a defining moment in MAI's evolution.

"The merger is an integral part of the transformation course that we have been carrying out, and will enable us to accelerate our momentum and strengthen our ability to provide effective, reliable solutions to farmers around the globe," he says. "Going forward, we intend to combine the strengths, capabilities and assets of both ChemChina and MAI.

"China National Agrochemical Corporation will support our efforts to address growers' needs and to simplify farming around the globe in a number of ways: by capitalizing on the great human capital we see in both companies, by leveraging our combined global resources, operational and logistical capabilities, and by taking full advantage of our shared passion for innovation and responsiveness to our customers. We will utilize our deep knowledge of agro markets, producing an expanded range of high quality crop protection solutions for farmers as they confront the formidable challenge of developing more food with scarcer resources. As such, our merger is a very positive development for our two companies, for our customers and for growers around the world."

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