NEWPORT BEACH, Calif. (AP) — Agricultural chemicals maker American Vanguard Corp. said Monday it has exercised an option to acquire one plant at BASF Corp.'s Hannibal, Mo., site that makes two of American Vanguard's key insecticide products.
Financial terms were not disclosed.
American Vanguard said the acquisition, which is expected to close in late December, will significantly increase the company's organophosphate manufacturing capacity.
American Vanguard said the transaction ensures the continuing supply of the company's Phorate and Counter insecticide products.
The company noted that the acquisition involves only one of the five plants at BASF's Hannibal site.