Platform Responds to Press Speculation Regarding its Agricultural Solutions Segment
WEST PALM BEACH, Fla., June 07, 2018 (GLOBE NEWSWIRE) -- Platform Specialty Products Corporation (NYSE:PAH) ("Platform") responded to press reports regarding its Agricultural Solutions segment today.
“As we announced in August of last year, we have been pursuing a separation of our businesses into two standalone companies. The primary purpose of the separation is to maximize value for our shareholders and enable these businesses to best execute on their respective strategies for growth. To achieve that goal, consistent with our public statements over the past few months, we have been and will continue to be opportunistic in pursuing separation alternatives. In that context, we have had discussions with Wilmcote Holdings plc as well as several other parties. We will choose the path for our separation that creates an optimal outcome for our shareholders. We are fortunate to have options, and we will keep all of our stakeholders apprised as and when appropriate.”
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.
This press release contains forward-looking statements, including, but not limited to, the pursuit of separation alternatives 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.
Investor Relations Contact:
Vice President, Corporate Treasurer and Investor Relations
Platform Specialty Products Corporation
Released June 7, 2018