American Vanguard Corporation (NYSE:AVD) and Bi-PA, today announced that
American Vanguard Corporation wholly-owned subsidiary, AMVAC-Netherlands
BV, has become an investor in Biological Products for Agriculture
(Bi-PA). Bi-PA functions as a product development engine bridging basic
research/discovery and end-market commercialization. It accomplishes
this commercial development by focusing on optimizing formulations and
securing regulatory approval. This investment affords American Vanguard
a 15% share of Bi-PA’s total enterprise valuation; distribution rights
in the Americas for Bi-PA’s Vintec® Trichoderma biological fungus
control agent and subsequent products; and access to a pipeline of new
products & technologies that emerge from Bi-PA’s scientific research
programs with the Italian research-based Fondazione Edmund Mach
Institute and other future research collaborations.
Eric Wintemute, Chairman and CEO of American Vanguard, stated: “We are
very pleased to secure an ownership position in this outstanding
biological development firm with its open innovation platform and novel
business model. Our industry has come to recognize that biological
solutions technology is an important complement to synthetic chemistry
and genetically modified defenses in crop protection and non-crop
applications. We look forward to promoting Bi-PA’s current Trichoderma-based
products as well as subsequent product developments in North, Central
and South America. By creating and commercializing new added value
formulations, we intend to provide a broad range of chemical and
biological protective technologies that solve complex real world
challenges. Our investment in Bi-PA’s product development capabilities
reinforces American Vanguard’s strategic focus and underscores our
commitment to leading-edge technological innovation and expanded
international market access.”
Johan De Saegher, CEO of Bi-PA stated: “The investment by AMVAC in Bi-PA
fits perfectly in the strategy of Bi-PA, focusing on development and
registration of novel biological solutions for the crop protection
industry and relying on strong marketing partners for the distribution
of our products. Through AMVAC, Bi-PA gets access to a strong market
channel for the Americas and to a network of expertise in this region.
The application of our patented Trichoderma-based product Vintec®
against wood diseases in vineyards will now also become available to the
wine growers in this region. Biological treatments offer great
possibilities and will become more important in the future due to their
benign characteristics for the users and the environment.”
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 the
control of public and animal health pests. American Vanguard is included
on the Russell 2000® & Russell 3000® Indexes and the Standard & Poors
Small Cap 600 Index. To learn more about American Vanguard, please
reference the Company’s web site at www.american-vanguard.com.
In its public commentary, the Company may discuss forward-looking
information. Except for the historical information contained in this
release, all forward-looking statements are estimates by the Company’s
management subject to various risks and uncertainties that may cause
results to differ from management’s current expectations. Such factors
include weather conditions, changes in regulatory policy and other risks
as detailed in the Company’s SEC reports and filings. All
forward-looking statements, if any, in this release represent the
Company’s judgment as of the date of this release.
About Bi-PA
Biological Products for Agriculture (Bi-PA) develops, registers and
implements innovative crop protection solutions for integrated pest
management (IPM). Bi-PA translates innovative research to an IPM
solution, both own research and research of third parties. For the basic
research as well as the commercialization of those products, Bi-PA is
working together with partners worldwide. Bi-PA is partner of the
project INNOVA of the European Commission. Bi-PA is based in Londerzeel
(Belgium). To learn more about Bi-PA, please reference the company’s web
site at www.bi-pa.com.
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