Basf (NYSE:BF)
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American Vanguard Corporation (AMEX:AVD) and BASF
Aktiengesellschaft, Ludwigshafen, Germany (NYSE:BF) today announced
that BASF sold the global Phorate insecticide product line to AMVAC
Chemical Corporation, a subsidiary of American Vanguard. The product
line consists of the active ingredient Phorate, the trademarks
Thimet(R), Granutox(R) and Geomet(R), the manufacturing and
formulation know-how, registration rights, intellectual property
rights and inventories as well as an exclusive license to use BASF's
patented, closed delivery system, Lock 'N Load(R), in the US, Canada
and Australia for Phorate.
Phorate, which generated sales of approximately EUR 14 million in
2004, was first introduced in 1954. It is registered in more than 15
countries, with the main markets in Asia Pacific and the Americas. It
is used on agricultural crops, mainly potatoes, corn, cotton, rice and
sugarcane, to protect against chewing and piercing-sucking insects.
Eric Wintemute, President and CEO of American Vanguard, stated,
"This acquisition is important for American Vanguard on several
levels. It is our largest acquisition to date, and should be a
significant contributor to our sales base, with sales beginning in the
fourth quarter of 2005. Furthermore, Phorate is an attractive addition
to our niche product portfolio, which includes many different
insecticide products. Additionally, we have identified what we believe
are further market opportunities for Phorate. We continue to execute
on our growth strategy of acquiring and licensing niche product lines
from larger companies in our industry."
"For BASF, the divestiture is part of the continuing process of
reviewing the Agricultural Products portfolio. It is obvious that some
products offer limited synergy for BASF and are a better strategic fit
for other, more specialized companies. This is the case with Phorate
and AMVAC," says Mike Heinz, Group Vice President and Head of Global
Strategic Marketing of the BASF Agricultural Products division, who
will be President of the division from December 1, 2005.
Glen Johnson, Senior Vice President of AMVAC, added, "In the US,
Thimet is delivered via the Lock 'N Load(R) delivery system. We see an
opportunity to bridge this technology with our successful SmartBox(R)
delivery system. This acquisition comes on the heels of our licensing
agreement with BASF for the new corn herbicide, Impact(TM) which we
expect to launch in the spring of 2006."
About BASF
With sales of EUR 3,354 million in 2004, BASF's Agricultural
Products division is a leader in crop protection and a strong partner
to the farming industry providing well-established and innovative
fungicides, insecticides and herbicides. Farmers use these products
and services to improve yields and quality of agricultural crops.
Other uses include public health, structural/urban pest control, turf
and ornamental plants. BASF aims to turn knowledge rapidly into market
success. The vision of BASF's Agricultural Products division is to be
the world's leading innovator, optimizing agricultural production,
improving nutrition, and thus enhancing the quality of life for a
growing world population. Further information can be found on the web
at www.agro.basf.com.
BASF is the world's leading chemical company: The Chemical
Company. Its portfolio ranges from chemicals, plastics, performance
products, agricultural products and fine chemicals to crude oil and
natural gas. As a reliable partner to virtually all industries, BASF's
intelligent solutions and high-value products help its customers to be
more successful. BASF develops new technologies and uses them to open
up additional market opportunities. It combines economic success with
environmental protection and social responsibility, thus contributing
to a better future. In 2004, BASF had approximately 82,000 employees
and posted sales of more than EUR 37 billion. BASF shares are traded
on the stock exchanges in Frankfurt (BAS), London (BFA), New York (BF)
and Zurich (AN). Further information on BASF is available on the
Internet at www.basf.com.
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 ornamental management, and
public and animal health. The Company's basic strategy is to acquire
brand name, niche product lines from larger companies that divest
mature products to focus on newly discovered molecules. During 2005,
American Vanguard was recognized as one of BusinessWeek's Hot Growth
Companies (#72), FORTUNE Small Business' America's 100 Fastest Growing
Small Companies (#40) and Forbes' 200 Best Small Companies (#59). 2005
marks the third consecutive year American Vanguard has been included
on these three lists - the only company to hold this honor. American
Vanguard is included on the Russell 2000(R) and Russell(R) 3000
Indexes. To learn more about American Vanguard, please reference the
Company's web site at www.american-vanguard.com.
American Vanguard, 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 American
Vanguard'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
American Vanguard's SEC reports and filings. All forward-looking
statements, if any, in this release represent American Vanguard's
judgment as of the date of this release.