LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--Aceto Corporation (NASDAQ:ACET - News), a global leader in the sourcing, regulatory support, marketing and distribution of chemically derived pharmaceuticals, biopharmaceuticals, specialty chemicals and crop protection products, today announced that Aceto Agricultural Chemicals Corporation (“Aceto Ag.”) has completed the sale of its Phorate product line to AMVAC Chemical Corporation (“AMVAC”). This sale includes registrations, data, know-how and certain inventories. The sale was made in connection with the settlement of pending litigation between Aceto Ag and AMVAC and details of the transaction were not disclosed.
Commenting on the sale, Leonard S. Schwartz, Chairman, President and CEO of Aceto stated, “We are very pleased to reach a positive agreement with AMVAC which is in the best interests of the Company and its shareholders. Phorate is a product that has been on the market for many years and the Company came to the conclusion that it would be more advantageous and a better utilization of resources, to direct its Crop Protection activities to newer products that have significant potential growth possibilities. In addition to Asulam, which Aceto brought to market 2 years ago, the Company is actively developing several new products that we expect to launch within the next several years. In addition, this transaction will have no negative impact on our fiscal fourth quarter guidance of $0.21 per diluted share.”
ABOUT ACETO
Aceto Corporation, incorporated in 1947, is a global leader in the sourcing, regulatory support, marketing and distribution of chemically derived pharmaceuticals, biopharmaceuticals, specialty chemicals and crop protection products. With a physical presence in ten countries, Aceto distributes over 1,000 chemicals and pharmaceuticals used principally as raw materials in the pharmaceutical, crop protection, surface coating/ink and general chemical consuming industries. Aceto’s global operations, including a staff of 26 in Shanghai and 14 in India are unique in the industry and enable its worldwide sourcing and regulatory capabilities. (ACET-F)
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections of management. Aceto intends for these forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this press release include, but are not limited to, statements regarding the Company’s strategic initiatives, including developing several new crop protection products that it plans to launch in the next several years, significant potential growth possibilities of newer products and the advantage of directing Company activities to the newer products, results for the fourth quarter of fiscal year 2008 and prospects for long-term growth. All forward-looking statements in this press release are made as of the date of this press release, and Aceto assumes no obligation to update these forward-looking statements whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. These uncertainties include, but are not limited to, the mix of products sold and the profit margins thereon, order cancellation or a reduction in orders from customers, competitive product offerings and pricing actions, the availability and pricing of key raw materials, dependence on key members of management, risk of entering into new European markets, continued successful integration of acquisitions, economic and political conditions in the United States and abroad, as well as other risks detailed in the Company’s SEC reports, including the Company’s Form 10-K and other filings. Copies of these filings are available at www.sec.gov.
Contact: Aceto Corporation Theodore Ayvas, 516-627-6000 Director of Corporate Communications & Investor Relations www.aceto.com
Source: Aceto Corporation
