American Vanguard Unit Plans Acquisition
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American Vanguard Corp. said Tuesday that its AMVAC Chemical Corp. subsidiary plans to acquire DuPont Co.’s Fortress insecticide unit. Financial terms weren’t disclosed.
The acquisition of Fortress would give AMVAC, a manufacturer of crop protection and specialty products, control of up to 6% of the $200-million corn soil insecticide market, according to researchers who track the industry.
American Vanguard, based in Newport Beach, said it expects the acquisition to be profitable beginning next month.
Fortress produces insect control products for corn. GemChem Inc., another subsidiary of American Vanguard, supplies the main raw material to DuPont for Fortress.
The companies hope to conclude negotiations by the end of the year and have Fortress available for the spring planting season.
American Vanguard shares rose 6 cents, to $5.31, in American Stock Exchange trading Tuesday.
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