American Vanguard's (AVD) Unit To Acquire Grupo Agricenter
Zacks Investment Research | Sep 12, 2017 10:05PM ET
American Vanguard Corporation (NYSE:AVD) announced that its fully-owned subsidiary, AMVAC Netherlands BV, will buy Grupo Agricenter, a well-established distributor of numerous crop protection products in seven Central American and Caribbean countries. The move is expected to strengthen its technical, commercial and development structure in Latin America. The official closing date of the transaction is Oct 2 and the terms of acquisition were not disclosed by the company.
AMVAC is a key player in the agricultural sector of Latin America and a leader in the nematicides segment for crops such as pineapple and banana. The acquisition of Grupo Agricenter will significantly expand its service and product offerings in the region.
According to chairman and CEO of American Vanguard, Eric Wintemute, the acquisition will strengthen its presence in Latin America, given Grupo Agricenter’s commitment to customer service, broad portfolio of products and in-depth experience in several markets. The move will not only expand AMVAC’s international foothold but will also enhance the company’s track record of successfully providing important solutions to farmers in the region. In the recent past, Grupo Agricenter has recorded annual sales of more than $50 million. Moving forward, American Vanguard expects to build upon that foundation.
American Vanguard’s shares have gained 14.5% over the last three months, outperforming the 2.3% decline of the Zacks Investment Research
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