Israel's MA Industries Q2 net profit jumps

* Net profit $45.4 mln vs $12.4 mln

* Q2 revenue $723.1 mln, up 20.3 pct over year ago

TEL AVIV Aug 8 (Reuters) - MA Industries , the world's largest maker of generic crop protection chemicals, reported sharply higher results in the second quarter due to an increase in market share, the introduction of new products and cost-cutting measures.

China National Chemical Corp (ChemChina) is in the process of buying control of Israel-based MA, which is 47 percent owned by Koor Industries , in a deal that values MA at $2.4 billion.

Net profit in the quarter jumped to $45.4 million from $12.4 million a year earlier, while revenue rose 20.3 percent to a record $723.1 million.

On July 31, the company had said it expected to report net profit of $45 million on revenue of $723 million.

ChemChina will buy the 53 percent of MA held by the public for $1.27 billion and will pay Koor $168 million for another 7 percent.

The deal is expected to close by Oct. 31.

(Reporting by Tova Cohen. Editing by Jane Merriman)