|JERUSALEM - Israel's MA Industries (MAIN.TA: Quote, Profile, Research) , the world's largest generic agrochemical maker, has received approval from the U.S. Environmental Protection Agency for its insecticide Lambda Cyhalothrin.|
Lambda Cyhalothrin is a generic version of Syngenta Corp.'s (SYNN.VX: Quote, Profile, Research) Karate and Warrior insecticides, MA said in a statement this week. The product is used mainly by farmers who grow cotton, maize, sunflowers, wheat and vegetables.
MA estimated the size of the global market for the product at $200 million, $80 million of which is in the United States.
It said the EPA approval will help it to "expand operations in the American market as a central goal of its growth plan, which includes the penetration of new markets, the expansion of operations in major markets and enlarging the company's basket of products".
The latest EPA announcement comes less than a month after it received approval of its oxadiazon herbicide.
MA's shares were up 1.7 percent in afternoon trade in Tel Aviv, outpacing modest gains on the broader indices.
REUTERS NEWS SERVICE