Your code is correct. The location may or may not be correct. .bash_profile is read if your login shell is bash and you log in in text mode (on a text console or over the network). However, if you log in at a graphical prompt, on most systems, .bash_profile is not read, but .profile is. To avoid duplication, I recommend putting all environment variable assignments in .profile and using the following code for .bash_profile to do the right thing for both interactive and non-interactive login shells:
. ~/.profile
case $- in *i*) . ~/.bashrc;; esac
Don't put environment variable definitions such as PATH in .bashrc. This would only work in programs invoked from terminals, not e.g. if your editor attempts to run LaTeX automatically.
Since .profile (or .bash_profile) is only read when you log in, the setting won't take effect until you log out and back in. You can make the setting take effect in a terminal (including programs started from that terminal) by typing (or pasting) the PATH=… command there. Some desktop environments and window managers let you modify their environment variables; how to do this depends on the desktop environment.
.bash_profilewill be read), I take that it is not necessary anymore for me to add it to.bashrc, right? – D B Dec 13 '15 at 20:48