Chemtura Exits Agchem Business
22 April 2014 U.S. company Chemtura Corp. said it will sell its agrochemicals business to Platform Specialty Products Corp. for about $1 billion.
Chemtura AgroSolutions generated revenues of $449 million and adjusted EBITDA of $101 million for the year ended Dec. 31, 2013. Its portfolio encompasses seed treatments, insecticides, miticides, herbicides, fungicides, plant growth regulators and adjuvants, and is supported by a product pipeline with over 100 new launches in each of the last three years, Chemtura said. These products have registrations in more than 100 countries.
“This sale provides the agrochemicals business with a solid and stable home to build on its positive momentum and growth. At the same time, it gives us added financial flexibility,” Chairman and Chief Executive Craig A. Rogerson said in a statement.
Chemtura said the deal will be funded with $950 million in cash and 2 million shares of Platform common stock. The transaction is expected to close in the second half of this year.
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