Ankeny-based Albaugh Inc., which produces generic crop protection chemicals, will be sold to Makhteshim-Agan Industries Ltd. of Tel Aviv, Israel, for about $1 billion, the company said Sunday. Makhteshim will pay $340 million in cash, $455 million in notes, issue 59 million shares, representing a 12 percent stake, and assume $280 million in Albaugh debt, Bloomberg reported. Makhteshim, which posted losses in two of the past three quarters, is attempting to boost profit after insecticide prices declined as farmers reduced production amid the global recession, Bloomberg said. “The acquisition is large and should strengthen the company especially in the (United States) as Albaugh is one of the biggest companies in North and South America with a similar sales level as Makhteshim,” IBI analyst Guil Bashan told Bloomberg. “I hope it will not place a burden on it financially.”

Des Moines is one of “America’s Recovery Capitals,” Forbes.com reported. With the intention of finding how major metropolitan areas are likely to fare in the next few years, Forbes magazine asked Moody’s Economy.com to analyze annual growth prospects for employment and economic output for the period 2010-14 in the 25 largest metropolitan areas in each of the country’s four regions: the South, the Midwest, the West and the Northeast. Those that made Forbes’ list of boomtowns were said to have the best combination of job and output growth. Des Moines’ relatively low cost of living and educated work force helped it make the cut, Forbes.com said.

Consumer spending rose slightly more than expected in May even as savings touched its highest level in eight months, pointing to a recovery that remains on solid ground, Reuters reported. The U.S. Department of Commerce said today that spending edged up 0.2 percent after being flat in April. Analysts polled by Reuters had expected consumer spending to rise 0.1 percent. The savings rate rose to 4 percent from 3.8 percent in April. Savings increased to an annual rate of $454.3 billion, the highest level since September 2009. Personal income increased 0.4 percent after gaining 0.5 percent in April. Real disposable income climbed 0.5 percent following a 0.6 percent increase in April.

Sparkplug Communications, a provider of wireless business broadband voice and data services in several cities, including Des Moines, announced today that it has completed the acquisition of Phoenix-area business assets from MetroBridge Networks, including all customer contracts and network infrastructure. The acquisition agreement was announced May 21. Sparklug is based in Scottsdale, Ariz. It also provides network services in Las Vegas, in addition to markets in Arizona and Iowa.