The Hebang Group, based in China, has acquired a majority stake in Stockton Group, based in Israel, in exchange for an investment of $90 million in the company, Stockton said on Thursday.
Stockton is focused on crop protection and has been a developer of bio-pesticides based in botanical materials. The company has developed an environmentally friendly compound, Timorex Gold product, which has seen success in approximately 20 countries in treating rice, grapes, tomatoes, coffee and many other kinds of produce.
Stockton CEO Ziv Tirosh said that with this acquisition and investment by Hebang Group, the company will be entering the Asian market. Hebang's investment also will allow Stockton to expand its presence in markets where it is already established. Timorex Gold recently was approved for sale and use in the U.S.
The acquisition likely will be finalized within 90 days. The deal is contingent on regulatory approval from the Chinese government.
The Hebang Group operates in multiple sectors relating to industrial and agro-chemical production.
Stockton's headquarters will remain in Israel, and the company will not see any changes or overhauls in how it runs its business, with management remaining as is.
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