Platform Specialty Products Corp. (West Palm Beach, Fla.; www.platformspecialtyproducts.com), a global diversified specialty chemicals company, announced that the scheme of arrangement with Alent plc (Woking, U.K.; www.alent.com), dated August 17, 2015, including the terms and conditions of Platform’s previously-announced recommended offer to acquire all the issued and to be issued shares of Alent has become effective.
As a result, MacDermid Performance Acquisitions Limited, a wholly-owned subsidiary of Platform, has become the owner of all of the shares of Alent. This transaction will mark Platform’s third acquisition within the Performance Applications operating segment after its acquisitions of MacDermid, Incorporated in October 2013 and the Electronic Chemicals and Photomasks businesses of OM Group, Inc. in October 2015.
“We are excited to welcome Alent to the Platform family,” said Scot Benson, president of Platform’s Performance Applications segment. “This transaction propels us into a new chapter for the business. Alent’s talent and resources will enhance our flexibility and expertise to develop new and improved products and capabilities. This acquisition will augment our ability to support our customers through innovation and technical support.”
Chief operating officer Benjamin Gliklich added, “The acquisition of Alent is another milestone on our path to build a leading, global diversified specialty chemicals company. Alent fits our criteria for ‘asset-lite, high-touch’ businesses perfectly. This is a great business that we are very excited to bring into the fold.”
The closing of this transaction will prompt the launch of MacDermid Performance Solutions, a division of Platform that will combine the original MacDermid operations with businesses from Alent (Enthone and Alpha Assembly Materials) and the recently acquired OM Businesses. The new entity will pool the experience and resources of each company and unify sales strategies in order to improve processes, drive innovation and deliver best-in-class products and services at every stage of the supply chain. Platform believes that combining these highly complementary companies will provide an opportunity to unlock substantial value through the realization of material costs synergies and sales growth opportunities.