The Makhteshim Agan Group (MAI), an off-patent crop protection solutions company based in Israel, has signed a letter of intent to acquire Albaugh, a privately held manufacturer of off-patent crop protection products operating in the Americas.

Both companies’ boards of directors have unanimously approved and signed the letter of intent. They expect the transactions to close by the end of this year.

The current sole owner of Albaugh, Dennis Albaugh, will become the company’s chairman of North America, and when the transaction is completed, he will be a major shareholder in MAI. His management team will include Spencer Vance, currently the president of Albaugh, who will become CEO, and Rob Williams, currently CEO of Makhteshim Agan North America (MANA), who will become deputy CEO.

“We are confident that this combination will bring significant benefits to our customers and employees alike,” Albaugh says. “Together, our two companies will provide customers with a broader, more diverse product portfolio to serve their needs, and we will continue to operate through strong partnerships with our network of distributors.”