American Vanguard announces acquisition of phorate product line
American Vanguard Corporation announced that its wholly owned subsidiary, AMVAC Chemical Corporation, has completed the acquisition of the Phorate insecticide product line from Aceto Agricultural Chemicals Corporation ("Aceto Ag"). Phorate is used on agricultural crops, mainly potatoes, corn, cotton, rice, sugarcane and peanuts, to protect against chewing and piercing-sucking insects. Purchased assets included registrations, data, know-how and certain inventories. The acquisition was made in connection with the settlement of pending litigation between AMVAC and Aceto Ag, and details of the transaction were not disclosed.
Eric G. Wintemute, President and Chief Executive Officer of American Vanguard, stated, "We are pleased to have completed this acquisition. Aceto Ag has done a commendable job of developing niche markets for phorate, particularly in peanuts. We look forward to expanding our presence and to serving customers in those markets."
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