Platform Specialty Products Corporation Announces Sale of Arysta LifeScience to UPL
CARY, N.C. (20 July 2018) – Platform Specialty Products Corporation (NYSE:PAH) announced today that it has agreed to sell Arysta LifeScience (“Arysta”), its Agricultural Solutions segment, to UPL Corporation Ltd. (“UPL”). The deal will create a new Ag powerhouse which is expected to become the fifth largest crop protection company in the world. Together, UPL and Arysta will form a new solution-oriented company with complete offerings in a wide range of crops. We expect this transaction to close in late 2018 or early 2019.
Arysta has flourished under Platform’s ownership, growing to global scale through a series of complementary acquisitions, doubling the peak sales value potential of its R&D pipeline, focusing the business on high value specialty applications and developing a world-class team. UPL, one of the fastest growing companies in the Ag market today, is a supplier and producer of crop protection products. UPL was founded in 1969 and has evolved from its origins as an Indian contract manufacturer of agrochemicals to a successful multinational with a wide portfolio of branded products.
With the complementary combination of UPL’s world-class active ingredient manufacturing competence and Arysta’s innovative R&D engine and technology partnerships, the new company will be in the position to provide growers with complete, competitive and differentiated solutions, thereby becoming a “one-stop-shop” supplier to customers in key agricultural markets. Furthermore, the combined business will boost its market access, strengthening distribution networks and reaching millions of farmers in more than 100 countries.
Jai Shroff, CEO of UPL, said: “Arysta has unparalleled expertise in developing tailored, specialized local applications and complements our diversified crop-protection and post-harvest solutions. Together, as ‘New UPL’, we can fulfill our mission to be the premier global provider of total crop solutions designed to secure the world’s long-term food supply.”
Diego Lopez Casanello, President of Arysta, said: “Today’s announcement is a huge vote of confidence in Arysta and its team. Both businesses are greatly complementary. The scale and capabilities of the new company will generate significant value for growers, distributors and innovation partners. This transaction marks the beginning of an exciting new chapter.”