Platform to Take Chemtura’s Agriculture Arm
U.S.-based Platform Specialty Chemicals has agreed to acquire the agricultural chemicals business of compatriot Chemtura for around $1 billion in cash and stocks.
The activities of Chemtura AgroSolutions, which reported sales of around $449 million and adjusted EBITDA of more than $100 million in 2013, include seed treatments and crop protection products for a variety of applications.
Following the sale, the core business of Connecticut-based Chemtura will be focused on two segments, Industrial Performance Products (IPP), which manufactures petroleum additives and urethanes, and Industrial Engineered Products (IEP), which produces flame retardants and brominated products, as well as organometallics.
These units generated $1.8 billion in sales and $200 million of adjusted EBITDA.
The sale of the agrochemicals business will enable Chemtura to become a pure player in industrial specialty chemicals, the company's CEO, Craig Rogerson, said.
