Arysta LifeScience Completed the Acquisition of Etec Crop Solutions in New Zealand
31 Mai 2018 - 10:05PM
Platform Specialty Products Corporation (NYSE:PAH) (“Platform”)
announced today that Arysta LifeScience, which comprises its
Agricultural Solutions segment, has completed the acquisition of
Etec Crop Solutions in New Zealand.
Etec Crop Solutions has been a significant supplier of
agrochemical solutions in New Zealand. The company develops and
commercializes innovative high-value specialty products across the
entire spectrum of pastoral, horticultural, arable, pest control,
turf and forestry markets. Since 1989, Etec has introduced
approximately 160 products, developing a balanced portfolio of
differentiated solutions for New Zealand growers. Key brands
include Duwett®, Flute®, Hammer®, Isomate®, Magister® and
Metarex®.
Prior to this acquisition, Arysta LifeScience had been offering
its products—including fungicides, herbicides, insecticides, and
seed treatments—in Australia and New Zealand through its Arysta
LifeScience Australia business. With the completed acquisition of
Etec, the company expects that its strengthened presence in the
region will allow it to provide New Zealand customers with a
broader range of products tailored to the unique needs of growers
in this attractive market.
“This acquisition underscores our differentiation efforts in the
Crop Protection and BioSolutions markets, where we focus on
specialty applications and tailored local solutions,” said Rico
Christensen, President of Arysta LifeScience North America,
Australia and New Zealand. “Etec’s focus on high-value crops and
innovation fits well with the Arysta LifeScience strategy. We are
excited to join forces with Etec in order to benefit from their
product positioning expertise as well as their strong presence and
relationships in the growing New Zealand market.”
“Our companies are an ideal fit,” added John Read, Etec Country
Manager. “We share a philosophy and a business strategy of focusing
on bringing innovative Crop Protection solutions to growers. We
expect the synergy from our combined companies to allow us to
expand our offerings and offer greater solutions to growers across
the country.”
Under the ownership of Arysta LifeScience, Etec plans to
initially operate using the Etec company name, in addition to their
current brand names, until full transition to the Arysta
LifeScience name.
About Platform
Platform is a global and diversified producer of high-technology
specialty chemicals and a provider of technical services. The
business involves the formulation of a broad range of
solutions-oriented specialty chemicals, which are sold into
multiple industries, including automotive, agriculture, animal
health, electronics, graphic arts, and offshore oil and gas
production and drilling. More information on Platform is available
at www.platformspecialtyproducts.com.
Forward Looking Statement
This press release contains "forward looking statements" within
the meaning of the federal securities laws, including, but not
limited to, statements regarding the anticipated benefits of the
acquisition of Etec Crop Solutions. Actual results could differ
from those projected due to numerous factors, including Arysta
LifeScience's ability to successfully integrate and obtain the
anticipated results and synergies from this acquisition; Platform's
ability to successfully complete the previously-announced proposed
separation of its Agricultural Solutions and Performance Solutions
businesses and realize the anticipated benefits from it; the
expected form, structure and timing for completion of this proposed
separation; adverse effects on the two companies' business
operations or financial results and the market price of Platform's
shares as a result of the completion of this proposed separation;
market volatility; legal, tax and regulatory requirements;
unanticipated delays and transaction expenses; the impact of the
proposed separation on Platform's employees, customers, suppliers
and lenders; the ability of the two companies to operate
independently following the proposed separation; the diverting of
management's attention from Platform's ongoing business operations;
the possibility of more attractive strategic options arising in the
future; and Platform's perception of future availability of equity
or debt financing needed to complete the proposed separation and
fund its operations. 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 fiscal year ended December 31, 2017.
These forward-looking statements are made as of the date of this
press release and are based on Platform, Arysta LifeScience and
Etec management's estimates and assumptions with respect to future
events and financial performance. Platform, Arysta
LifeScience or Etec undertakes no obligation to update any forward
looking statements, whether as a result of new information, future
events or otherwise.
CONTACT:
Investor Relations Contact:Carey DormanVice
President, Corporate Treasurer and Investor RelationsPlatform
Specialty Products Corporation1-561-406-8465
Media Contact:Liz CohenKEKST1-212-521-4845
Platform Specialty Products (NYSE:PAH)
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