Platform Buying Chemical Maker MacDermid For $1.8B
A holding company, Platform, says it is buying MacDermid Inc. for $1.8 billion as a means to build a chemicals business.
Platform was created by Martin Franklin, the founder of consumer products company Jarden Corp. Jarden's brands include Crock-Pot, Sunbeam, Coleman and Mr. Coffee.
Platform's stock has been suspended from the London Stock Exchange and it intends to move to the New York Stock Exchange later this year. The company, which is based in the British Virgin Islands, plans to rename itself Platform Specialty Products Corp.
The privately held MacDermid, based in Denver, provides chemicals to the metals, graphic arts and other industries. It has annual revenue of $742 million. It will continue as a standalone business once the sale is complete. The deal is expected to close this month.