Platform Specialty acquiring Chemtura AgroSolutions approximately $1 billion

Platform Specialty to acquire Chemtura AgroSolutions for $1 billion

7:59 AM, 18th April 2014
Platform Specialty acquiring Chemtura AgroSolutions

MIAMI, US: Platform Specialty Products Corporation, a global specialty chemicals company, has entered into a definitive agreement to acquire Chemtura AgroSolutions (CAS), a leading and fast-growing global provider of agrochemicals and seed treatment products, from Chemtura Corporation for approximately $1 billion, consisting of $950 million in cash, subject to working capital and other adjustments, plus 2 million shares of Platform’s common stock.

“The agrochemicals business perfectly aligns with the key values and characteristics of Platform, and meets Platform’s disciplined acquisition criteria. This transaction demonstrates our ability to execute our clearly-defined growth strategy and provides us with a strong position in an attractive new vertical. Like MacDermid, CAS’ innovation capabilities and highly-skilled technical and service personnel create a unique value proposition. This ‘asset-lite, high-touch’ approach is pivotal to Platform’s business model and facilitates margin expansion, increased profitability, and significant free cash flow generation to support future growth. I look forward to working with Nelson Gibson and his team to identify and invest in initiatives to enhance further growth in the business. I’m delighted with Platform’s progress to date and more excited than ever about our long-term growth potential,” said Daniel H Leever, Chief Executive Officer, Platform Specialty Products.

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