American Vanguard Corporation (NYSE:AVD) announced that its wholly-owned subsidiary, Amvac Chemical Corporation (“AMVAC”), has formed a new joint venture with natural life science company, TyraTech, Inc. (LON:TYR and TYRU). The joint venture will develop and commercialize pesticide products featuring TyraTech’s Nature’s Technology™ which harnesses the synergy of natural ingredients to deliver products with the highest level of efficacy and safety.
The joint venture will commercialize these best-in-class pesticide products and technologies in the global consumer household and lawn and garden retail markets. Additionally, it will develop and commercialize products and technologies in global commercial, institutional, professional, crop protection and seed treatment markets. Using TyraTech’s Extend Technology™, the joint venture will also develop new combinations with synthetic compounds to both improve efficacy and environmental impact on a range of crops, which will give AMVAC access to range of new global market opportunities.
Under the terms of this agreement, TyraTech will retain all rights to use its technology in the Human and Animal Health markets together with certain other consumer markets. As part of this collaboration, AMVAC will have access to TyraTech’s patented screening platform that is utilized to identify synergistic combinations of natural compounds that display efficacy in controlling insect and parasitic infestation.
The venture will be jointly owned by AMVAC and TyraTech, with AMVAC owning majority interest. The new company will be led by TyraTech’s current Vice President of Commercial Operations, Shayne M. Wetherall, who will serve as Chief Executive Officer of the venture. The new company will be headquartered in the Research Triangle Park area of North Carolina, giving it direct access to TyraTech’s R&D, production, and supply chain teams.
Eric Wintemute, Chairman & Chief Executive Officer of American Vanguard commented: “This joint venture collaboration represents an exciting growth opportunity for AMVAC. This important addition of technologies, products, and capabilities complements AMVAC’s existing product offering in crop and non-crop sectors. We are excited to work with TyraTech, a company known for its lengthy commitment to R&D which has resulted in several state-of-the-art natural product lines.”