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BASF SELLS ONE OF ITS HANNIBAL MO PLANTS TO AMERICAN VANGUARD
Oct. 29, 2007
Source: BASF news release
BASF today announced that it has sold the assets of one of the insecticide plants at its Hannibal, Missouri, site to American Vanguard Corporation. The plant is one of the five manufacturing units at the Hannibal site.
American Vanguard had previously purchased from BASF the Phorate insecticide product in 2005 and the Counter insecticide product in 2006, and has now exercised the asset purchase option associated with these prior product acquisitions.
The transaction is expected to be completed by the end of the year. Financial details are not being disclosed.
"The sale of this production asset is in step with BASF's goal to enhance the efficiency of our manufacturing operations," said Mark Johnson, Director of Agricultural Products Manufacturing for BASF in the Americas. "This sale is the logical next step in our relationship with American Vanguard given that the company has already purchased the Phorate and Counter insecticide products from BASF."
BASF will continue operating the insecticide plant for American Vanguard per a manufacturing shared service agreement.
American Vanguard Corporation, based in Newport Beach, California, is a diversified specialty and agricultural products company.
With more than 250 personnel, BASF's Hannibal site is one of the area's larger employers. The site manufactures a wide range of crop protection products to help farmers meet the growing need for a safe, abundant, and affordable supply of food for today and tomorrow.
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