Strategic Opportunity to Expand Market Access in the Asia/Pacific Region
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--American Vanguard Corporation (NYSE:AVD), today announced that its wholly-owned subsidiary American Vanguard Australia Pty Ltd has acquired all shares of the Australian specialist agrochemical company, AgNova Technologies Pty Ltd. Details of the transaction were not disclosed.
AgNova is focused on serving customers primarily in the value-added fruit and vegetables segment of the Australian market. It has a growing product portfolio and ample R&D resources to create a pipeline of tailored solutions to meet the needs of Australian growers.
Eric Wintemute, Chairman and CEO of American Vanguard commented, “American Vanguard is committed to increasing its existing footprint in the Australian and Asia/Pacific agrochemical market. The team at AgNova has done an excellent job of establishing their company as an innovative, reliable supplier and we look forward to building on that foundation of success going forward.”
Mr. Wintemute concluded, “In addition to a strategic focus on high-value fruit and vegetable segments the combined commercial strength of American Vanguard and AgNova can be used to expand SIMPAS® prescription application technology, Greenplants® liquid nutrition products and multiple bio-stimulants from our recent acquisition of Agrinos. Furthermore, we will gain global rights to a number of AgNova owned products that could offer significant commercial opportunities to AMVAC operations in many other countries.”
About American Vanguard
American Vanguard Corporation is a diversified specialty and agricultural products company that develops and markets products for crop protection, horticulture management and public health applications. American Vanguard is included on the Russell 2000® and Russell 3000® Indexes and the Standard & Poor’s Small Cap 600 Index. To learn more about American Vanguard, please reference the Company’s web site at www.american-vanguard.com.
The Company, from time to time, may discuss forward-looking information. Except for the historical information contained in this release, all forward-looking statements are based on estimates by the Company’s management and are 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 from time-to-time 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.
AgNova Technologies Pty Ltd is an Australian company that sources, develops and distributes specialty crop protection and production solutions for agricultural and horticultural producers, and for selected non-crop users. The Company has an established reputation for cost-effective product development from original concept through evaluation, registration, marketing and sales, with new technologies flowing from an exciting development pipeline. AgNova is committed to the provision of innovative, value-adding solutions for agriculture and related industries.
American Vanguard Corporation
William A. Kuser, Director of Investor Relations