BASF sells global terbufos insecticide business to AMVAC
* AMVAC sees major market opportunities
* BASF Agricultural Products focuses resources
BASF Aktiengesellschaft, Ludwigshafen, Germany, has sold its global terbufos insecticide business to AMVAC Chemical Corporation. The business with sales of approximately €20 million in 2005 consists of the active ingredient terbufos (tradename Counter®), the manufacturing and formulation know-how, registration rights, intellectual property rights, including the specialized closed application system “Lock ‘n Load”, and inventories. BASF will continue to manufacture terbufos at its Hannibal, MO, plant. For a limited time, BASF will also distribute terbufos products in Brazil, Central America and Ecuador.
Financial details of the transaction were not disclosed.
Terbufos was first introduced in 1974 and is registered in more than 20 countries. It is used as a soil insecticide and nematicide mainly in corn, bananas and coffee.
"This divestiture is part of the continuing process of reviewing our Agricultural Products portfolio”, explained Michael Heinz, President, BASF Agricultural Products division. “Some products offer limited synergy for BASF and are a better strategic fit for other, more specialized companies like AMVAC.”
Eric Wintemute, President and CEO of American Vanguard, stated, “This acquisition is our largest to date, and brings a complementary product line and delivery system to American Vanguard. Counter strongly complements the Thimet® (Phorate) insecticide business we acquired from BASF in November of last year. We have been very pleased with Thimet’s performance over the last year, and are enthusiastic about the prospects for Counter, which we will begin selling immediately. This acquisition reflects the continued execution of our growth strategy to acquire and license niche product lines from larger companies in our industry. Additionally, the Lock’n Load closed delivery system offers terrific synergies with our SmartBox® delivery system, and we are quickly emerging as a leading owner and provider of safe granular delivery technology.”
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 ornamentals management, and public and animal health. The Company’s basic strategy is to acquire and license brand name, niche product lines from larger companies that divest mature products to focus on newly discovered molecules. 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 www.american-vanguard.com.
About BASF Agricultural Products
With sales of €3,298 million in 2005, 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 crop yields and crop quality. Other uses include public health, structural/urban pest control, turf and ornamental plants, vegetation management, and forestry. 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 system 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. BASF has over 95,000 employees and posted sales of more than €42.7 billion (approximately $50.4 billion) in 2005. Further information on BASF is available on the Internet at www.basf.com.
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