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Aceto ahead in first quarter
Nov. 20, 2007
Increased sales of chlorpropham-based sprout inhibitors contributed to a 34% rise in crop protection sales for US company Aceto (Lake Success, New York) during the three months to September 30th. This was the first quarter of Aceto's fiscal year. Crop protection sales accounted for 6% of the company's sales of $313.5 million in fiscal 2007. A reduction in agrochemical intermediate sales contributed to a 2% drop in revenues for Aceto's chemical and colourants business in the first quarter of fiscal 2008.
Aceto's growth strategy for its crop protection business involves partnering with distribution companies to secure market entry and acquiring rights to new products. The herbicide, asulam, was the first product to be introduced through this strategy. Aceto has since entered into a joint venture with "a large agrochemical company" to introduce a second product under this model. "We believe that we will be selling the product beginning with the 2009 growing season, or perhaps sooner," says Aceto's chairman, president and CEO, Leonard Schwartz. Details of the product and the company concerned are unavailable as "negotiations are highly confidential", the company said.
Source: AgroNews
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