Sumitomo Chemical announced that McLaughlin Gormley King Company (MGK) has become a consolidated subsidiary of Sumitomo Chemical, which acquired a majority stake in MGK.

Sumitomo Chemical purchase of additional MGK shares raises its ownership stake in MGK to 76.36 percent, up from 32.88 percentí¢â‚¬"following an agreement with the Gullickson family, the founders and previous majority shareholders of MGK. Sumitomo Chemical made its first share participation in MGK in 1989. The move strengthens Sumitomo Chemicalí¢â‚¬â„¢s presence in North American environmental health markets, and will enable faster product innovations for MGK.

í¢â‚¬Å“North America is one of the most important markets for household and public health insect control products and is of vital importance to Sumitomo Chemicalí¢â‚¬â„¢s global Environmental Health business sector,í¢â‚¬ said Ryo Sato, executive officer of Sumitomo Chemical.

í¢â‚¬Å“Similarly, MGK is a long-standing, well-respected provider of professional pest control products and technologiesí¢â‚¬"making it an ideal partner to channel branded Sumitomo Chemical products in this segment. We believe this collaboration will strengthen both companies, will allow Sumitomo Chemical to more easily introduce new and necessary technologies into North American pest control and will ultimately improve the offerings and service we provide for the MGK customers.í¢â‚¬

MGKí¢â‚¬â„¢s business will continue to be based in Minneapolis, under the leadership of current President, Steven M. Gullickson. According to Gullickson, í¢â‚¬Å“We see a tremendous upside for MGKí¢â‚¬â„¢s ongoing business which will be good for our customers, our business and our employees. Sumitomo Chemical and MGK view this as an opportunity to leverage both companiesí¢â‚¬â„¢ strengths.í¢â‚¬