American Vanguard Corporation (NYSE: AVD) announced today that its AMVAC LATAM subsidiary 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 marketing of phytosanitary products.
Peter Eilers, General Manager of International Operations at American Vanguard, said, “We are pleased to have completed the acquisition of Punto Verde in Ecuador, which is the seventh largest agricultural market in LATAM. Despite being a medium-sized transaction that will increase our total sales in LATAM by nearly five percent, we see this as an important path to gain market access in South America through a well-managed distribution business.”
Gerardo Suárez, general manager of AMVAC LATAM, said: "Punto Verde is a company that represents what Amvac stands for very well: ethics, quality, service, and a high level of professionalism. We are confident that this company's experience and market knowledge will serve as the ideal platform on which we will strengthen our participation in Ecuador. This acquisition provides an important addition to our expanding Green Solutions business, as we expect to develop our AMGREEN bio-rational solutions portfolio through Punto Verde. This agreement reinforces our commitment to leave a better world for future generations.”
Both parties announced that the deal was closed on October 9, 2023. The terms of the acquisition were not disclosed.
Source: bananaexport.com