NEWPORT BEACH, Calif.--(BUSINESS WIRE)--
American Vanguard Corporation (NYSE: AVD) announced today that its subsidiary AMVAC LATAM has acquired Punto Verde, a well-established distributor in Guayaquil, Ecuador, to strengthen its product portfolio and market access in the Latin American region. AMVAC LATAM is a key player in the Latin American agricultural sector and has become a leader in the commercialization of crop protection products.
Peter Eilers, Managing Director of American Vanguard’s international operations, commented: "We are pleased to have completed the acquisition of Punto Verde in Ecuador, which is the seventh largest agricultural market in LATAM. While not a sizable transaction (this will add about five percent to our total LATAM sales), we see this as an important path for market access in South America through a well-managed distribution business.”
Gerardo Suárez, general manager of AMVAC LATAM, commented: "Punto Verde is an excellent fit for AMVAC in their commitment to a high level of ethics, quality, service and professionalism. We are confident the experience and market knowledge of this company will serve as the ideal platform upon which we can increase our participation in Ecuador. This acquisition provides an important addition to our expanding Green Solutions business, as we anticipate development of our portfolio of AMGREEN bio-rational solutions through Punto Verde. This deal reinforces our commitment toward leaving a better world for future generations.”
Both parties have announced October 5, 2023, as the official closing date for this transaction. Terms of the acquisition were not disclosed.
About American Vanguard
American Vanguard Corporation is a diversified specialty and agricultural products company that develops, manufactures, and markets solutions for crop protection and nutrition, turf and ornamentals management, commercial and consumer pest control. Over the past 20 years, through product and business acquisitions, the Company has expanded its operations into 17 countries and now has over 1,000 product registrations in 56 nations worldwide. Its strategy rests on three growth initiatives – i) Core Business (through innovation of conventional products), ii) Green Solutions (with over 130 biorational products – including fertilizers, microbials, nutritionals, and non-conventional products) and iii) Precision Agriculture innovation (including SIMPAS prescriptive application and Ultimus measure/record/verify technologies). American Vanguard is included on the Russell 2000® and Russell 3000® Indexes. To learn more about American Vanguard, please reference the Company’s web site at .
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 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.
About Punto Verde:
Punto Verde is a leader in agricultural solutions in Ecuador. It has a proactive and dynamic team, a successful commercial platform, and a well-consolidated Corporate Social Responsibility program. Additionally, Punto Verde has developed its own line of products and maintains relationships with key business partners in the agricultural market. Its business model is based on three fundamental pillars: research and development, a committed professional team and a commercial platform that includes personalized attention and high-quality products.
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