Chemtura Announces Deal to Sell Agrochemicals Business to Platform
April 21, 2014
Chemtura will sell agrochemicals business to Platform for approximately $1 billion.
Chemtura has entered into an agreement to sell Chemtura AgroSolutions to Platform Specialty Products Corporation, a global specialty chemicals company, for approximately $1 billion. The transaction is expected to close in the second half of 2014.
On completion of the sale, Chemtura's core platform will be focused around Industrial Performance Products and Industrial Engineered Products. In 2013, on a pro-forma basis, including the elimination of any stranded costs associated with recent portfolio divestitures, Chemtura generated approximately $1.8 billion in net sales and $200 million of Adjusted EBITDA.
Chemtura AgroSolutions generated revenues of $449 million and Adjusted EBITDA of $101 million for the year ended December 31, 2013. The business provides seed treatment and agrochemical products for a wide variety of crop applications. Chemtura AgroSolutions' portfolio includes seed treatments, insecticides, miticides, herbicides, fungicides and plant growth regulators with over 100 launches in each of the last three years. The products are designed to enhance crop quality and yield in many specialty markets and are supported by product registrations in more than 100 countries.
Platform currently serves customers in the electronics, metal and plastic plating, graphic arts, and offshore oil production and drilling industries.
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