Innovation and Creativity in R&D, Engineering and Manufacturing Leads to Important Product Introduction; Fipronil Launch Will Contribute to MAI's Market Position in the US Non Crop Market and Provides Platform for Growth in Additional Geographies
TEL-AVIV, Israel, June 1, 2011 /PRNewswire-FirstCall/ -- The Makhteshim Agan Group (MAI) (TASE:MAIN) today announced the launch of a number of products containing the active ingredient fipronil, a broad spectrum insecticide and the world's leading product against termites in structural pest control and fleas and tick control on companion animals. This is the first major generic version of fipronil in the US. The launch follows grant of EPA registrations obtained by MAI and its affiliates.
The launch represents MAI's approach to leverage its strong R&D capabilities for the development and implementation of a novel manufacturing process, which is the subject of MAI pending patent applications, and avoids manufacturing process patents of other companies. MAI's success in developing the new manufacturing process was achieved through an intensive effort carried out by a multi-disciplinary team of scientists, chemical engineers, and legal, registration and patent experts.
Erez Vigodman, President and CEO of MAI, commented "The development of a significant product such as fipronil, without infringement of existing patents, is a major accomplishment for Maktehsim Agan. The outcome demonstrates the strength of our core activities with R&D being one of them.
Fipronil has long been on our radar; its introduction strengthens our portfolio and provides us with another channel for profitable growth. As important, the launch is consistent with our strategic direction to better address our global customers' needs and is consistent with the business actions we completed over the last 18 months."
MAI's affiliate Control Solutions, Inc. in the US will launch the active ingredient under the brand name Taurus(TM) for use in the professional pest control market and Prefurred(TM) for companion animal use. MAI's subsidiary QualiPro will launch a fipronil granule product for use in the professional turf and lawn care markets. "The launch clearly advances our market position in the US, we are especially excited about this portfolio expansion for our environmental solutions segment which is consistent with our strategy to provide effective solutions to our customers in the Americas region," added Mr. Shaul Friedland, Head of MAI's Americas region. Following this launch, the Company expects to introduce fipronil based products in additional markets worldwide.
Dr. Yoav Zeif, VP Global Products & Marketing concluded, "We are pleased to have achieved such a successful outcome which required us to overcome many complex patent, engineering and business challenges. Our success is a clear demonstration of our ability to seize significant opportunities in the agrochemicals space leveraging the differentiating qualities of MAI's people."
Fipronil is utilized for termite prevention and treatment, flea and tick control, and as a broad-spectrum insecticide for crop markets in a variety of branded products throughout the world. The active ingredient is used in crop protection mainly for treatment of cotton, potatoes, rice and seed treatment in addition to broad uses for non-crop applications.
About Makhteshim Agan Group
Makhteshim Agan Industries, Ltd. (TASE: MAIN) is a world leading manufacturer and distributor of branded off-patent crop protection products. With sales of US$2.38 billion in 2010, MAI ranks seventh in global agrochemical companies, fourth in Europe, with a global share of over 5%. The Company is committed to bringing effective, reliable solutions to customers globally. Its operations are characterized by high-level technological-chemical abilities, expertise in product registration, observance of strict standards of environmental protection, stringent quality control and global marketing and distribution channels.
