Platform Completes Acquisition of Arysta
Announced in October 2014, the deal is aimed at expanding Platform's crop protection business. The purchase price includes $2.9 billion in cash and $600 million of Series B convertible preferred stock.
Arysta last reported revenue of $1.5 billion - for the year 2013.
"The successful completion of the Arysta acquisition - our largest to date - provides us with a more diverse offering, a significantly expanded geographic footprint, and greater earnings potential," said Platform CEO Daniel H. Leever.
This wraps up the third of three agrochemical acquisitions since the second half of 2014. Platform expects Arysta, Agriphar and Chemtura AgroSolutions to bring in an additional $65 million in sales - in more than 100 countries.
The company last year paid $300 million for Agriphar and $1 billion for the Chemtura unit.
To finance its acquisition drive, Platform launched three initial public offerings last year, which together were expected to raise a total of $1.3 billion.
As expected, Arysta LifeScience president and CEO, Wayne Hewett, will now become president of Platform and will oversee the agrochemical Business.