Platform Specialty Productions Corp. (NYSE: PAH) is taking over Chemtura Corp.'s (NYSE: CHMT) agrochemicals business for about $1 billion.
The deal consists of $950 million in cash and 2 million shares of Platform's common stock. The deal is subject to regulatory approval and is expected to close in the second half of 2014.
Platform, headquartered in Miami, products chemical products and provides technical services.
The deal helps Chemtura move towards being a more focused industrial specialty chemical company. After the deal closes, Chemtura's businesses will consist of an industrial performance products unit and an industrial engineered products operation. The Philadelphia-based company has been divesting assets for a while in October, it announced plans to sell its consumer products business to Kik Custom Products Inc.for $315 million. In November 2012, the company sold its antioxidant and ultra-violet stabilizer businesses to SK Capital Partners.
In May 2013, the company bought the percent that it did not already own of DayStar Materials LLC, a South Korea LED chemical company.
For more on Chemtura's international activities, see "10 Emerging Markets to Watch: South Korea."