Platform Enters Exclusive Negotiations with Prospective Acquirer of Arysta LifeScience
June 18 2018 - 7:00AM
Platform Specialty Products Corporation (NYSE:PAH) ("Platform")
provided an update on plans for its separation.
Management Comment
Platform CEO Rakesh Sachdev said, “As we commented on June 7,
2018, in pursuing a separation of our businesses into two
standalone companies we have had discussions with several parties
regarding an acquisition of or investment in Arysta LifeScience.
We are now in exclusive discussions with a potential acquirer
of the business and expect to have more information to provide to
our shareholders and all our stakeholders on or before our second
quarter earnings conference call. As we have repeatedly
emphasized, we will choose the path for our separation that we
believe creates an optimal outcome for our shareholders, and we
will keep all of our stakeholders apprised as and when
appropriate.”
About Platform
Platform is a global and diversified producer of high-technology
specialty chemicals and a provider of technical services. The
business involves the formulation of a broad range of
solutions-oriented specialty chemicals, which are sold into
multiple industries, including automotive, agriculture, animal
health, electronics, graphic arts, and offshore oil and gas
production and drilling. More information on Platform is available
at www.platformspecialtyproducts.com.
Forward-looking Statements
This press release contains forward-looking statements,
including, but not limited to, the pursuit of separation
alternatives, the timing of future communications related to
the separation, and the anticipated benefits of the separation of
Platform’s businesses. Actual results could differ from those
projected due to numerous factors, including, without limitation,
Platform's ability to successfully complete the proposed
separation; the expected form, structure and timing for completion;
adverse effects on the two companies' business operations or
financial results; market volatility; legal, tax and regulatory
requirements; unanticipated delays and transaction expenses; the
impact of the proposed separation on Platform's employees,
customers, suppliers and lenders; the ability of the two companies
to operate independently following the proposed separation; the
diverting of management's attention from Platform's ongoing
business operations; and the possibility of more attractive
strategic options arising in the future. Additional information
concerning these and other factors that could cause actual results
to vary is, or will be, included in Platform's periodic and other
reports filed with the Securities and Exchange Commission,
including Platform's annual report on Form 10-K for the fiscal year
ended December 31, 2017. These forward-looking statements are
made as of the date of this press release and are based on
management's estimates and assumptions with respect to future
events and financial performance. Platform undertakes no obligation
to update any forward-looking statements, whether as a result of
new information, future events or otherwise.
CONTACT:
Investor Relations Contact: Carey Dorman Vice
President, Corporate Treasurer and Investor Relations Platform
Specialty Products Corporation 1-561-406-8465
Media Contact: Liz Cohen KEKST
1-212-521-4845
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