Agrochemical company Makhteshim Agan Industries today announced that wholly owned subsidiary Milenia bought the Oxsol product line from US company Occidental Chemical for $1 million. The acquisition includes the company's intellectual property, patenting and Oxsol trademarks, and its existing inventory in the U.S.

Sales of the new products are expected to bring in $4 million to $5 million in 2002.

Oxsol is a solvent used as a component in paints for the car, electronics and glue industry. It is considered environmentally friendly, which is important in the environmentally aware U.S. market.

Ilan Levita, CEO of Makhteshim Agan, said the purchase of the Oxsol line was part of the company's strategy to increase its activity in North America.

More from Technology

GameStop Jumps 9% on Private Equity Buyout Rumors

GameStop Jumps 9% on Private Equity Buyout Rumors

Worth a Stunning $6.6 Trillion, Tech Stocks Have Taken Over the Market

Worth a Stunning $6.6 Trillion, Tech Stocks Have Taken Over the Market

Here's Why Snap Shares Climbed Monday

Here's Why Snap Shares Climbed Monday

Dropbox Soars in Third-Straight Record-Setting Session

Dropbox Soars in Third-Straight Record-Setting Session

Bitcoin Today: Prices Close to Flat in Low-Volume Trading

Bitcoin Today: Prices Close to Flat in Low-Volume Trading