Platform Specialty Products to acquire Chemtura
Daniel Leever, Platform’s chief executive officer, commented, “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.”
Craig Rogerson, chairman, president and chief executive officer of Chemtura, said, “This sale provides Chemtura’s agrochemicals business with a solid and stable home to build on its positive momentum and growth. I fully expect the business, its customers and employees will continue to thrive as part of Platform.”
The CAS transaction is expected to be funded through a combination of debt and cash on hand. The transaction, which is expected to close in the second half of 2014, is subject to customary closing conditions and regulatory approvals.
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