Yahoo Finance American Vanguard (AVD) to Acquire Envoke Herbicide From Syngenta
American Vanguard Corporation AVD recently said that its principal operating subsidiary, AMVAC Chemical Corporation (“AMVAC”), has agreed to acquire rights to Envoke herbicide from Syngenta Crop Protection, LLC. The purchase includes end-use product registrations and trademarks for Envoke in the United States. The financial terms of the deal were not divulged.
Notably, Envoke is a selective herbicide for controlling specific broadleaf, sedge, and grass weeds in cotton, sugarcane and transplanted tomato. It is designed to deliver effective control of many troublesome weed species. Envoke offers cost-saving growth regulator effect, enabling plants to focus energy on fruit development.
American Vanguard, which is among the prominent players in the specialty chemical space along with Axalta Coating Systems Ltd. AXTA, Element Solutions Inc. ESI and Ingevity Corporation NGVT, noted that AMVAC and Syngenta will work together over the next several months until the U.S. Environmental Protection Agency registration has officially transferred to allow an orderly transition to maintain quality customer service across all domestic geographies.
AMVAC said that the addition of Envoke to its portfolio allows it to reinforce its portfolio in core crops. It also provides farmers with unique herbicide solutions for managing difficult-to-control weeds. Moreover, this buyout is a testimony to AMVAC’s commitment to these key markets and also allows it to better serve its customers.
American Vanguard witnessed higher demand for its soybean products and corn herbicide portfolio in the last reported quarter. The company also saw steady demand for mosquito control products and a recovery in the horticulture segment in the quarter. The company noted that it sees a low double-digit increase in net sales with stronger growth in net income over the course of this year.
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