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American Vanguard Corporation (NYSE:AVD) announced today that its subsidiary AMVAC LATAM has acquired Punto Verde, a well-established distributor in Guayaquil, Ecuador, to strengthen its product portfolio and market access in the Latin American region. AMVAC LATAM is a key player in the Latin American agricultural sector and has become a leader in the commercialization of crop protection products.
Peter Eilers, Managing Director of American Vanguard's international operations, commented: "We are pleased to have completed the acquisition of Punto Verde in Ecuador, which is the seventh largest agricultural market in LATAM. While not a sizable transaction (this will add about five percent to our total LATAM sales), we see this as an important path for market access in South America through a well-managed distribution business."
Gerardo Suárez, general manager of AMVAC LATAM, commented: "Punto Verde is an excellent fit for AMVAC in their commitment to a high level of ethics, quality, service and professionalism. We are confident the experience and market knowledge of this company will serve as the ideal platform upon which we can increase our participation in Ecuador. This acquisition provides an important addition to our expanding Green Solutions business, as we anticipate development of our portfolio of AMGREEN bio-rational solutions through Punto Verde. This deal reinforces our commitment toward leaving a better world for future generations."
Both parties have announced October 5, 2023, as the official closing date for this transaction. Terms of the acquisition were not disclosed.
Posted In: AVD
