TyraTech, Inc. AMVAC and TyraTech Name New Joint Venture
30 January 2013 - 6:00PM
RNS Non-Regulatory
TIDMTYR
TyraTech, Inc.
30 January 2013
30 January 2013
TyraTech, Inc.
("Tyratech")
AMVAC and TyraTech Name New Joint Venture
New company to be named Envance Technologies
AMVAC Chemical Corporation ("AMVAC") and TyraTech, Inc. are
pleased to announce Envance Technologies ("Envance" or the "JV"),
the new corporate identity chosen for their joint venture launched
in December, 2012. Envance will develop and commercialize a range
of innovative pest control solutions for global consumer,
commercial, and agriculture pest control markets.
The new company's name was selected to capture the combination
of TyraTech's insect science and technology platform with AMVAC's
market-driven, global commercial growth capabilities. Envance's
focus is to advance this technology and expand a range of
commercial solutions for comprehensive insect control.
Envance is currently distributing its Terminix-branded household
insect control products in major US retail channels. The JV's
immediate focus will be on supporting the ongoing retail launch,
expanding distribution through other leading US retail partners,
and developing new product and market opportunities.
Shayne M. Wetherall, formerly TyraTech's Vice President of
Commercial Operations and newly named CEO of Envance,
commented:"The new venture's strategic intent is to continue
delivering innovative pest control solutions and technologies to
the marketplace that provide superior performance and safety. With
our proven products, technologies and brands, Envance will have a
strong commercial focus on meeting marketplace demands for new
solutions that are safe and effective."
Eric Wintemute, Chairman & CEO of AMVAC's parent company
American Vanguard Corporation commented: "This exciting joint
venture opens up a new growth path for AMVAC Chemical in both
consumer and commercial pest control. Additionally, we expect to
develop innovative solutions leveraging TyraTech's Extend
Technology(TM) platform to create novel, synergistic combinations
of natural active ingredients with proven synthetic compounds for
comprehensive agricultural insect control. By broadening the
distribution of TyraTech's existing natural product offering and
using the technology capabilities of both firms, we expect this
collaboration to develop new products that can provide unique,
proprietary solutions to pest control applications worldwide."
Alan Reade, Executive Chairman of TyraTech, Inc. commented: "We
see this joint venture as a great opportunity to optimize the value
of the insecticide platform that has been developed by TyraTech
over the past seven years. We are particularly pleased to be able
to partner with the AMVAC team, which has a demonstrable ability to
drive profitable innovation, and has become a leader in the global
insecticide market."
For further information please contact:
TyraTech Inc.
Alan Reade, Executive Chairman
Tel: +1 919 415 4310
Peter Jerome, Chief Financial Officer
Tel: +1 919 415 4280
N+1 Singer, Nominated Adviser and Joint Broker
Aubrey Powell / Alex Wright
Tel: +44 20 7496 3000
First Columbus LLP, Joint Broker
Chris Crawford
Tel: +44 20 3002 2070
Walbrook, Financial PR and IR
Bob Huxford /Helen Westaway (Public Relations)
Tel + 44 7933 8792
Paul Cornelius (Investor Relations)
Tel +44 20 7933 8794
This information is provided by RNS
The company news service from the London Stock Exchange
END
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