Platform Enters Exclusive Negotiations with Prospective Acquirer of Arysta LifeScience
WEST PALM BEACH, Fla., June 18, 2018 (GLOBE NEWSWIRE) -- Platform Specialty Products Corporation (NYSE:PAH) ("Platform") provided an update on plans for its separation.
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.”
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, 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.
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Platform Specialty Products Corporation
Released June 18, 2018