Platform Hunts For Deals After Chemtura AgroSolutions Acquisition

Updated from 10:06 a.m. ET to include CEO interview, share prices

NEW YORK (TheStreet) - Platform Specialty Products (PAH), a specialty chemical company that was born from a special purpose acquisition vehicle founded by Jarden (JAH) chairman Martin Franklin, said on Thursday it will buy Chemtura AgroSolutions from Chemtura (CHMT) for $1 billion in cash and stock.

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The deal marks Platform's second major acquisition in the past twelve months and its first since listing on the New York Stock Exchange in January, and further accomplishes a strategy of scaling in the specialty chemicals space through the acquisition of companies that don't require large capital investments or external management. 

"We've only just begun," Daniel H. Leever, Platform's CEO, said of the firm's dealmaking in a telephone interview with TheStreet on Thursday. "We have a robust pipeline of deals, some of which could conceivably close before this one," Leever added, noting that Platform is looking at bolt-on acquisitions, and divestitures by private equity firms or large corporations. Leever also noted that Platform has interest in full public company acquisitions, however, he said no such deal is imminent.

Platform initially was a London-listed special purpose acquisition vehicle (SPAC) until the company acquired chemical industry specialist MacDermid for $1.8 billion October and listed on the NYSE this year.

In January, Platform began courting its next deal, and CEO Leever identified Chemtura AgroSolutions as a prospect. Chemtura had said it was running an auction process for the business. Platform was not part of Chemtura's auction and instead entered discussions directly with the company on what eventually was the winning bid.

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