NEWPORT BEACH, California (AP) — Agricultural chemical supplier American Vanguard Corp. said Monday it bought two insecticide product lines from Bayer AG's crop science business.
American Vanguard said it bought the pesticides Mocap and Nemacur. Mocap is used on many crops against species of nematode, a type of roundworm. Nemacur is used in 30 countries against nematodes and above-ground sucking insects, the company said. American Vanguard said the deal does not include Nemacur products in Argentina and Europe. It is also getting the rights to the Ultima packaging system in the deal.
American Vanguard, based in Newport Beach, California, and Bayer CropScience, a unit of Germany's Bayer AG, did not disclose terms of the sale.
Shares of American Vanguard rose 26 cents, or 3.7 percent, to $7.24 in afternoon trading.