September 21, 2014 7:08 AM ET

Chemicals

Company Overview of Platform Specialty Products Corporation

Company Overview

Platform Specialty Products Corporation develops, produces, and markets a range of specialty chemical and printing products in the Americas, Asia, and Europe. It operates in two segments, Performance Materials and Graphic Solutions. The Performance Materials segment provides plating products, which are used to plate holes drilled through printed circuit boards; circuit formation products to promote adhesion and form circuit patterns; functional conversion coatings for industrial applications; final finishes, which are used on printed circuit boards; electroless nickel products that are applied to metal and plastic surfaces; and oxides, which are conversion coatings used in the fabrication of...

5200 Blue Lagoon Drive

Suite 855

Miami, FL 33126

United States

Founded in 1922

2,000 Employees

Phone:

203-575-5850

Key Executives for Platform Specialty Products Corporation

Vice Chairman
Age: 65
Total Annual Compensation: $843.8K
Chief Financial Officer
Age: 44
Total Annual Compensation: $337.5K
Secretary
Age: 51
Total Annual Compensation: $316.3K
Compensation as of Fiscal Year 2013.

Platform Specialty Products Corporation Key Developments

Platform Specialty Products Corporation Presents at Credit Suisse Basic Materials Conference 2014, Sep-18-2014 10:45 AM

Platform Specialty Products Corporation Presents at Credit Suisse Basic Materials Conference 2014, Sep-18-2014 10:45 AM. Venue: Credit Suisse, One Madison Avenue - between 23rd and 24th streets, New York, NY 10010, United States. Speakers: Frank J. Monteiro, Chief Financial Officer, Principal Accounting Officer and Senior Vice President.

Platform Specialty Products Corporation Announces Amendment to Credit Agreement

Platform Specialty Products Corporation announced that it has entered into an amendment to its credit agreement. The amendment amends and restates Platform's existing amended and restated credit agreement and generally provides for, among other things, (i) increased flexibility with respect to permitted acquisitions, (ii) the ability to request incremental facilities in currencies other than the U.S. Dollar, and (iii) securing foreign assets in support of potential future term loans. The amendment also provides for certain prospective amendments to be made to the credit agreement upon the consummation of the proposed Chemtura AgroSolutions acquisition, subject to the satisfaction of certain other conditions. The prospective amendments generally would, among other things, implement (i) new term loans in an aggregate principal amount of up to $130 million through an increase in Platform's existing tranche B term loan facility, (ii) an increase in the size of Platform's U.S. Dollar revolving credit facility by $62.5 million to $87.5 million, (iii) an increase in the size of Platform's existing multicurrency revolving credit facility by $62.5 million to $87.5 million, and (iv) new term loans denominated in Euros in an aggregate amount of up to EUR 205 million. The prospective amendments would also provide flexibility with respect to certain limiting covenants, including by increasing certain U.S. Dollar baskets.

Platform Specialty Products Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Platform Specialty Products Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net sales of $189,132,000 compared to $189,992,000 a year ago. Operating profit was $5,606,000 against $36,632,000 a year ago. Loss before income taxes, non controlling interests and accrued payment-in-kind dividends on cumulative preferred shares was $2,568,000 against income before income taxes, non controlling interests and accrued payment-in-kind dividends on cumulative preferred shares of $1,996,000 a year ago. Net income was $1,488,000 against net loss of $5,764,000 a year ago. Net loss attributable to common shareholders was $376,000 against net income attributable to common shareholders $5,855,000 a year ago. Adjusted EBITDA was $47.1 million against $48.2 million a year ago. Adjusted net income attributable to common shares was $26,659,000 compared to $23,809,000 reported a year ago. Free cash flow was $22,982,000. Recurring free cash flow was $33.6 million or $0.22 per share. For the six months, the company reported net sales of $372,858,000 compared to $372,124,000 a year ago. Operating profit was $9,598,000 against $66,408,000 a year ago. Loss before income taxes, non controlling interests and accrued payment-in-kind dividends on cumulative preferred shares was $6,407,000 against income before income taxes, non controlling interests and accrued payment-in-kind dividends on cumulative preferred shares of $23,641,000 a year ago. Net loss was $4,460,000 against net income of $9,573,000 a year ago. Net loss attributable to common shareholders was $7,794,000 or $0.07 per basic and diluted share against net income attributable to common shareholders $9,393,000 or $0.00 per basic and diluted share a year ago. Adjusted EBITDA was $88.0 million against $94.1 million a year ago. Net cash flows provided by operating activities was $49,214,000 against $37,247,000 a year ago. Capital expenditures net was $4,587,000 against $3,687,000 a year ago. Recurring free cash flow was $60.4 million or $0.40 per share.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
May 6, 2014
--
Merger/Acquisition
April 17, 2014
Chemtura AgroSolutions
 

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