Platform Acquisition confirms talks to buy specialty chemicals maker MacDermid
10 Oct 2013
London-listed investment company Platform Acquisition Holdings today said that was in talks to buy privately held specialty chemicals maker MacDermid Inc.
Platform Acquisition, founded by Martin Franklin, co-founder of consumer goods company Jarden Corp and billionaire Nicolas Bergruen, was reacting to a Wall Street Journal report today that said Platform Acquisition was planning to buy MacDermid Inc for $1.8 billion.
''In response to a Wall Street Journal article reporting on a rumoured transaction, the board of Platform Acquisition confirms that it is in advanced discussions with regards to a possible acquisition of MacDermid.''
''Discussions are ongoing and there is no certainty that the potential acquisition will occur,'' and added that it would make further announcement in due course as appropriate.
The deal would be the first acquisition by Platform Acquisition after it was formed in May and got itself listed on the London Stock Exchange.
Shareholders in Platform include sovereign wealth funds, hedge funds, and Pershing Square Capital Management, which owns 28 per cent of the company's ordinary shares, report said.
Post acquisition, Platform Acquisition will be renamed Platform Specialty Products Corp, and move its headquarters to the US and its listing to the New York Stock Exchange, the report added.
Founded in Waterbury, Connecticut in 1922 by Archie MacDermid, a Scottish immigrant, MacDermid is a global specialty chemicals company serving the diversified needs of the electronics, industrial, offshore and printing industries.
In the 60's and 70's, MacDermid expanded from its metal finishing roots into plating on plastics and electronics, and also expanded globally into Europe and Asia.
Beginning in the mid-80's MacDermid has invested in a number of acquisitions increasing its reach into the current business and expanded into new markets.
Following in his father's footsteps, Dan Leever joined the company in 1982, becoming CEO in 1990, before taking over as chairman in 1998.
The company was bought out by its management in 2007, which lter in 2011 failed in its attempt to take the company public.
The Denver-based company's products are used in PCs, automobiles, oil rigs and newspapers.
It produces more than 5,000 proprietary chemical compounds used for cleaning, coating, electroplating, etching, mechanical galvanising, and rust retarding applications.
MacDermid also distributes chemical supplies of other companies and produces horizontal processing equipment used in circuit board production and chemical machining.
It has manufacturing facilities in the US, the UK, Brazil, and Australia.
