Newport Beach-based specialty chemical products maker American Vanguard Corp. took a stake in TyraTech Inc. with a $3.7 million investment in the Morrisville, N.C.-based company.
American Vanguard now owns about 29% of TyraTech, which makes mosquito repellents and products that target intestinal parasites, among others. The products are marketed for commercial, agriculture and consumer uses.
The investment is intended to help American Vanguard expand beyond the agricultural market.
American Vanguard’s shares were trading down by about 2% midweek last week, with a market value of about $800 million.
It had $366.2 million in revenue last year, with about $36.9 million in profit.
TyraTech saw annual revenue of $7.2 million and a loss of $2.7 million in 2011, the most recent full-year report available.
American Vanguard primarily operates through its Amvac Chemical Corp. subsidiary and its counterparts in international markets, including Mexico, Costa Rica and Switzerland.
Its latest investment in TyraTech follows a partnership the two companies forged in December, when they formed Envance Technologies LLC as a joint venture to develop products for the lawn and garden market. Amvac Chemical has 60% ownership of Envance.
—Jane Yu
