Platform Specialty Products Corporation Announces Closing of the Sale of Arysta LifeScience Inc. to UPL Corporation Limited
31 Gennaio 2019 - 10:15PM
Business Wire
Platform Specialty Products Corporation (NYSE:PAH) (the
“Company”), a global specialty chemicals company, today
announced the successful closing of the sale of its Agricultural
Solutions business, which consists of Arysta LifeScience Inc. and
its subsidiaries (collectively, “Arysta”), to UPL Corporation
Ltd.
The closing of this transaction marks the beginning of a new
chapter for the Company. In connection with the closing, the
Company changed its name to Element Solutions Inc (“Element
Solutions”) and, effective February 1st, 2019, the Company’s shares
of common stock will be traded on the New York Stock Exchange under
the ticker symbol “NYSE:ESI.”
The Company will launch a new website on Friday, February 1st,
2019, reflecting its new name and identity, which will provide
visitors information on its businesses and financials. The new
website can be found at: http://www.elementsolutionsinc.com/.
As previously announced, effective today, Rakesh Sachdev has
retired from his role as Chief Executive Officer of the Company
while continuing to contribute as a Board Director. Benjamin
Gliklich, previously the Company’s Executive Vice President of
Operations & Strategy, has succeeded Mr. Sachdev as the new
Chief Executive Officer of the Company and joined its Board of
Directors. Element Solutions will be led by Executive Chairman
Martin E. Franklin, Mr. Gliklich, and Scot R. Benson, who has been
promoted to the role of President & Chief Operating Officer, as
members of the new Office of the Chairman.
The Company also successfully paid off its existing credit
facility, including its existing senior secured term loans and
revolving credit facility, and intends to complete the redemption
of its 6.00% and 6.50% senior notes on February 1st, 2019. The
Company entered into a new credit facility, which includes a 7-year
$750 million senior secured term loan B and 5-year $330 million
senior secured revolving credit facility (the “Facilities”). These
Facilities, along with the Company’s existing $800 million of
5.875% senior notes due 2025 will represent the Company’s new debt
capital structure.
About Platform
Platform is a leading specialty chemicals company which
formulates a broad range of solutions that enhance the performance
of products people use every day. Developed in multi-step
technological processes, the Company's innovative solutions enable
its customers' manufacturing processes in several key industries,
including electronic circuitry, communication infrastructure,
automotive systems, industrial surface finishing, consumer
packaging and offshore energy.
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, statements related to the
Company’s leadership transition, ticker symbol, new website,
redemption of its 6.00% and 6.50% senior notes and new debt capital
structure. 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 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,
assumptions and expectations 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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version on businesswire.com: https://www.businesswire.com/news/home/20190131005921/en/
Investor Relations Contact:Carey DormanCorporate Treasurer and
VP, Investor RelationsPlatform Specialty Products
Corporation1-561-406-8465
Media Contact:Liz CohenManaging DirectorKekst
CNC1-212-521-4845
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