Minnesota-Based MGK Sells Majority Interest to Longtime Partner
Sumitomo Chemical of Japan Raises Investment in Insect Control Solutions
MINNEAPOLIS, Dec. 18, 2012
MINNEAPOLIS, Dec. 18, 2012 /PRNewswire/ --MGK, a worldwide business leader in
insect control technologies based in Minneapolis, announced that it has sold a
majority interest in the company to Sumitomo Chemical of Tokyo, Japan, a
longtime shareholder and partner.
Founded in 1902, MGK has partnered with Sumitomo Chemical, a multinational
chemical giant in basic chemicals, petrochemicals and life-sciences since the
1970s. Sumitomo Chemical first became an MGK shareholder in 1989.
This current transaction, a stock purchase between Sumitomo Chemical and the
Gullickson family, further solidifies this long-term partnership between
organizations. "MGK has been a growing and profitable venture for many years,
and Sumitomo Chemical's increased participation gives us continued access to
new chemistries and new technologies for insect control," explained MGK
President Steve Gullickson.
Gullickson announced that MGK will remain focused on its core business
strategies under Sumitomo Chemical. "They are raising their investment because
of our team's success. We anticipate that our enhanced partnership will better
position MGK to make life healthier by creating responsible products that
protect people and their environments from the impact of insects."
"We're pleased that Mr. Gullickson has agreed to continue to serve MGK in his
current role. He has led his company to strong growth in the past decade, and
we look forward to his continued leadership," said Ryo Sato, executive officer
of Sumitomo Chemical.
The Gullickson family, majority shareholders for four generations, remains a
minority shareholder in MGK, and is optimistic about future prospects for the
MGK, one of the first companies to commercially develop naturally-derived
pyrethrum into insecticide, becomes a subsidiary of Sumitomo Chemical, one of
a handful of successful international companies sharing that status. MGK and
its subsidiaries employ 250 people at its facilities in North America, Europe,
Africa and Australia.
About MGK (www.mgk.com)
Founded in 1902, MGK sells insect control products into consumer home and pet
products, professional pest control, animal health and other markets. MGK is a
leader in the development and distribution of wide range of insect control
technologies. MGK holds253 product registrations with the U.S. EPA for insect
control products and sells its products into more than 60 countries.
About Sumitomo Chemical Co., Ltd. (www.sumitomo-chem.co.jp/english/)
Sumitomo Chemical is one of Japan's leading chemical companies, offering a
diverse range of products globally in the fields of basic chemicals,
petrochemicals, IT-related chemicals and materials, health and crop science
products, and pharmaceuticals. The company's consolidated net sales for fiscal
2011 were 1.95 trillion yen, or US$23.7 billion.
Contact: Ian Thorburn, MGK, +1-763-593-3479, firstname.lastname@example.org, or Steve
Shapiro, Tad Ware & Company, +1-612-558-6725, email@example.com
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