<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>y69483exv99w1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>

                                                                    Exhibit 99.1

FOR RELEASE: IMMEDIATELY

         FOR ADDITIONAL INFORMATION CONTACT: RICHARD G. JOHNSON, CHIEF FINANCIAL
OFFICER, OR STEVEN L. COHEN, GENERAL COUNSEL - (201) 944-6020

                   PHIBRO ANIMAL HEALTH CORPORATION ANNOUNCES
                     RECEIPT OF APPROVAL TO AMEND INDENTURE

FORT LEE, NEW JERSEY, DECEMBER 9, 2004 - Phibro Animal Health Corporation (the
"Company"), which previously announced a consent solicitation with respect to
its 105,000 units consisting of $85,000,000 13% Senior Secured Notes Due 2007
(the "U.S. Notes") of the Company and $20,000,000 13% Senior Secured Notes Due
2007 (the "Dutch Notes" and, together with the U.S. Notes, the "Existing Notes")
of Philipp Brothers Netherlands III B.V., announced today that it has received
and accepted the requisite consents from the holders of over 98% of the
Existing Notes.

         The proposed amendments to the indenture governing the Existing Notes
set forth in the Company's Consent Solicitation Statement dated November 18,
2004, as amended by an Amendment and Supplement dated November 23, 2004 to
Consent Solicitation Statement and as further amended by an Amendment and
Supplement dated November 30, 2004 to Consent Solicitation Statement will become
effective upon the consummation by the Company of the offering of up to $22.5
million aggregate principal amount of additional U.S. Notes and Dutch Notes (the
"Additional Notes"), with Jefferies & Company, Inc. as initial purchaser, on or
prior to December 31, 2004. If such offering of Additional Notes is not
consummated on or prior to December 31, 2004, then the amendments will not
become operative.

         The Company is a leading diversified global manufacturer and marketer
of a broad range of animal health and nutrition products, specifically medicated
feed additives ("MFAs") and nutritional feed additives, which the Company sells
throughout the world predominantly to the poultry, swine and cattle markets.
MFAs are used preventively and therapeutically in animal feed to produce healthy
livestock. The Company is also a specialty chemicals manufacturer and marketer,
serving numerous markets.

FORWARD-LOOKING STATEMENTS

         This news release contains statements that, to the extent that they are
not recitations of historical fact, constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995,
Section 21E of the Securities Exchange Act of 1934. Such forward-looking
information involves risks and uncertainties that could cause actual results to
differ materially from those expressed in any such forward-looking statements.
These risks and uncertainties include, but are not limited to, the Company's
substantial leverage and potential inability to service its debt; the Company's
dependence on distributions from its subsidiaries; risks associated with the
Company's international operations and significant foreign assets; the Company's
dependence on its Israeli operations; competition in each of the Company's
markets; potential environmental liability; potential legislation affecting the
use of medicated feed additives; extensive regulation by numerous government
authorities in the United States and other countries; the Company's reliance on
the continued operation and sufficiency of

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our manufacturing facilities; the Company's reliance upon unpatented trade
secrets; the risks of legal proceedings and general litigation expenses;
potential operating hazards and uninsured risks; the risk of work stoppages; the
Company's dependence on key personnel; and other factors discussed in the
Company's filings with the U.S. Securities and Exchange Commission.


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