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April 17, 2014

Chemtura unloading agro-chemical division

A Florida company that acquired Waterbury specialty chemical maker MacDermid Inc. for $1.8 billion last year said it’s buying the agricultural chemical division of Middlebury’s Chemtura Corp.

Platform Specialty Products Corp. said it will pay $1 billion, mostly in cash, for Chemtura AgroSolutions, which is based in Georgia.

Platform CEO Martin E. Franklin said in a statement that his company saw a specialty-chemical market “ripe with opportunity” when it bought MacDermid in Oct. 2013.

“CAS has many of the same attractive business characteristics as MacDermid,” Franklin said.

AgroSolutions booked net sales of $449 billion in 2013, up from $409 million in 2012.

Under the terms of the deal, Chemtura will supply key active ingredients for the AgroSolutions’ chemical pesticides, herbicides and other chemical products.

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