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UPDATE 1-Israel's Adama plans New York share listing, profits up
August 10, 2014 / 6:21 PM / 3 years ago

UPDATE 1-Israel's Adama plans New York share listing, profits up

(Adds plans to list shares in New York)

JERUSALEM, Aug 10 (Reuters) - Adama Agricultural Solutions, the world’s largest provider of generic crop protection chemicals, plans to list its shares in New York, the Israeli firm said as it reported a 23.5 percent rise in quarterly profit.

Adama said on Sunday it would file a registration statement with the U.S. Securities and Exchange Commission in the next few days to list its shares on either the New York Stock Exchange or Nasdaq.

It added there was no certainty on whether it would carry out an offering or on the timing and the amount it might raise.

Second-quarter net profit rose to $59.4 million from $48.1 million, the Israeli company formerly known as MA Industries said. Its products include fungicides, herbicides, insecticides and growth regulators.

Turnover grew 9 percent to $875.9 million, with sales up in Latin America, North America, Asia Pacific and Africa. Sales edged lower in Europe, its largest market, due to unseasonably cold and wet weather.

China National Chemical Corp (ChemChina) owns 60 percent of Adama, while Israel’s Discount Investment Corp owns the rest.

Adama also said it was evaluating business opportunities in China that could help it build significant commercial, operational and research and development facilities in the country. (Reporting by Steven Scheer; editing by Keiron Henderson and Jane Baird)

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