U.S. industrial chemical producer Platform Specialty Products Corp. has sealed its deal to buy ag chemical firm Arysta LifeScience for about US$3.5 billion (C$4.35 billion).
Miami-based, publicly-traded PSPC, which in the past year has bought ag chem firms Agriphar Group and Chemtura AgroSolutions, announced its plans to buy the Dublin-based multinational Arysta business last fall.
Platform’s combined ag chem business is now expected to “uniformly operate” under the Arysta LifeScience trade name and to run as a “vertically integrated agricultural chemicals segment” with expected annual sales of about US$2.1 billion (C$2.6 billion).
“With the close of this acquisition, we are eager to capitalize on the unique growth opportunities that will emerge from having Arysta LifeScience, Agriphar and Chemtura AgroSolutions under one umbrella, counting on the support of our combined team of professionals around the world,” said former Arysta CEO Wayne Hewett, who was named Tuesday as Platform’s new president.’
Platform, whose combined ag chem business is to operate in over 125 countries, said it expects to realize over US$65 million in “synergies” from the combination of the three businesses over the next three years.
Arysta was until now privately held by international private-equity firm Permira, which bought the Arysta assets in 2008 and moved the company’s headquarters to Dublin from Tokyo.
Arysta was formed in 2001 from the life sciences and ag chem assets of Tomen Corp. and Nichimen Corp., after which the ag chem business was rebranded under the name Arvesta Corp.
Arysta’s portfolio in Canada includes brands such as Everest and Inferno herbicides, Maestro and Decree fungicides, Kasumin bactericide and Orthene, an insecticide for use in crops such as potatoes, tomatoes, tobacco, cranberries and saskatoons.
Permira said the sale of Arysta marks its second “fully-exited” investment in agribusiness and agrifood. The equity firm sold animal nutrition firm Provimi to Cargill in 2011. — AGCanada.com Network
Tagged Agriphar, Arysta, Chemtura, Platform Specialty Products