December 20, 2012

Sumitomo turns McLaughlin Gormley as a subsidiary

Sumitomo Chemical Ltd. has increased its equity stake in McLaughlin Gormley King Co., a US insecticide maker and sales company, to 76.36% from 32.88%,resulting in the company becoming Sumitomo's subsidiary.

McLaughlin, serving both household and corporate customers, uses active ingredients manufactured by Sumitomo Chemical in its insecticide products.

Sumitomo Chemical has agreed with the US company's founding family to acquire additional shares in it. McLaughlin will remain under the leadership of its president, Steven Gullickson, after Sumitomo Chemical acquires the controlling stake, it said.