American Vanguard Enters into Agreement with Adama to Acquire Certain Crop Protection Assets in the U.S.
April 05 2017 - 9:00AM
Business Wire
Part of ChemChina/Syngenta Merger
American Vanguard Corporation (NYSE:AVD), through its principal
operating subsidiary, AMVAC Chemical Corporation, today announced
the signing of an agreement to acquire certain US assets relating
to the three crop protection product lines - Abamectin,
Chlorothalonil and Paraquat - from subsidiaries of Adama
Agricultural Solutions Ltd., which is part of the China National
Chemical Corporation (“ChemChina”) group. Financial terms of the
agreement were not disclosed.
The acquisition is part of a consent agreement between the
Federal Trade Commission (the “FTC”), on the one hand, and
ChemChina and Syngenta AG, on the other hand, under which ChemChina
is required to divest these assets as a pre-condition for
ChemChina’s proposed acquisition of Syngenta AG. The FTC published
the subject consent decree on its website on April 4, 2017, is
soliciting public comment for a period of 30 days and will also
publish it in the Federal Register imminently.
The assets include trademarks, product registrations,
registration data, and commercial information that relate to the
marketing and sale of these three products in the crop protection
market within the United States.
Eric Wintemute, Chairman & CEO of American Vanguard
commented: “We are excited about the prospect of acquiring these
product lines for crop use domestically. For some time, we have
been reporting that industry consolidation will result in
acquisition opportunities, and this is exactly the kind of deal
that we had been anticipating. We expect to give more color on this
deal once the ChemChina-Syngenta merger closes.”
About American Vanguard
American Vanguard Corporation is a diversified specialty and
agricultural products company that develops and markets products
for crop protection and management, turf and ornamentals management
and public and animal health. American Vanguard is included on the
Russell 2000® & Russell 3000® Indexes and the Standard &
Poors Small Cap 600 Index. To learn more about American Vanguard,
please reference the Company’s web site at
www.american-vanguard.com.
In its public commentary, the Company may discuss
forward-looking information. Except for the historical information
contained in this release, all forward-looking statements are
estimates by the Company’s management subject to various risks and
uncertainties that may cause results to differ from management’s
current expectations. Such factors include weather conditions,
changes in regulatory policy and other risks as detailed in the
Company’s SEC reports and filings. All forward-looking statements,
if any, in this release represent the Company’s judgment as of the
date of this release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170405005411/en/
American Vanguard CorporationWilliam A. Kuser, Director of
Investor Relations, (949) 260-1200williamk@amvac-chemical.comorThe
Equity Group Inc.Lena Cati, (212)
836-9611Lcati@equityny.comwww.theequitygroup.com
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