Company Overview of Platform Specialty Products Corporation
Platform Specialty Products Corporation produces and sells specialty chemical products in the Americas, Asia, and Europe. The company’s Performance Materials segment manufactures and markets plating products that are used to plate holes; final finishes, which are used on printed circuit boards; circuit formation products to promote adhesion and form circuit patterns; oxides that are used in the fabrication of multilayer circuit boards; and pre-treatment and cleaning solutions. It also provides functional conversion coatings; electroless nickel products, which are applied to metal and plastic surfaces; decorative plating products; hard-coated films; production and drilling fluids; and drillin...
5200 Blue Lagoon Drive
Miami, FL 33126
Founded in 1922
Key Executives for Platform Specialty Products Corporation
Vice Chairman and Chief Executive Officer
Total Annual Compensation: $850.0K
Chief Operating Officer and Senior Vice President
Total Annual Compensation: $403.1K
Chief Accounting Officer and Vice President
Total Annual Compensation: $208.3K
Vice President of Legal and Secretary
Total Annual Compensation: $337.4K
Compensation as of Fiscal Year 2014.
Platform Specialty Products Corporation Key Developments
Platform Specialty Products Corporation Announces Management Changes
Aug 14 15
In light of Platform Specialty Products Corporation's ongoing evolution and growth, Platform is taking proactive steps to enhance its overall management infrastructure at both the corporate and divisional levels. Sanjiv Khattri will be joining Platform as Executive Vice President and Chief Financial Officer. Mr. Khattri is a seasoned financial executive with over 25 years of experience most recently as the Chief Financial Officer of Covanta Holding Corporation. Prior to his role at Covanta, Mr. Khattri served as the Chief Financial Officer of General Motors Acceptance Corporation aka Ally Financial (GMAC). Platform's Chief Financial Officer, Frank J. Monteiro, will assume the role of Chief Operating Officer of the soon-to-be expanded Performance Applications segment, which will include MacDermid, Incorporated, as well as the OM Group businesses and Alent following the successful completion of these proposed acquisitions. Mr. Monteiro's new role will allow him to leverage his experience in this segment and oversee successful integration efforts once the anticipated acquisitions are complete. Wayne M. Hewett, Platform's President, tendered his resignation, effective August 28, 2015, to pursue other career opportunities. Mr. Hewett joined Platform in connection with the company's acquisition of Arysta LifeScience Limited earlier in 2015. Jonathan Evans, Global Head of Supply Chain for the Agricultural Solutions segment, has been named as interim President of the Agricultural Solutions business. Mr. Evans has a very strong track record in specialty chemicals and helped build a best-in-class supply chain for Arysta's global and complex operations. Larissa Siegel has been named as Platform's Vice President of Global Effectiveness, responsible for building a global shared services operation that will include operational finance, human resources, IT and compliance functions across all of Platform's businesses. Ms. Siegel joins after an accomplished career at Burger King Corporation in several functional roles.
Platform Specialty Products Seeks Acquisitions
Aug 14 15
Platform Specialty Products Corporation (NYSE:PAH) is planning to use proceeds from equity financing to fund working capital and future acquisitions.
Platform Specialty Products Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Revised Earnings Guidance for the Year 2015
Aug 13 15
Platform Specialty Products Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net sales of $675.1 million compared to $189.1 million a year ago. Operating profit was $44.0 million compared to $5.6 million a year ago. Loss before income taxes and non-controlling interests was $9.3 million compared to $2.6 million a year ago. Net loss attributable to common shareholders was $12.2 million compared to $0.4 million a year ago. Basic and diluted loss per share was $0.06 against nil a year ago. On a pro forma as adjusted basis Net Sales were $675.1 million compared to $785.1 million a year ago. On a pro forma as adjusted operating profit was $136.3 million compared to $152.0 million a year ago. On a pro forma as adjusted income before income taxes and non-controlling interests was $84.9 million compared to $105.1 million a year ago. On a pro forma as adjusted basis net income attributable to common shareholders was $60.4 million compared to $75.3 million a year ago. On a pro forma as adjusted diluted earnings per share were $0.25 compared to $0.31 a year ago. Pro-forma Adjusted EBITDA was $185.0 million compared to $167.6 million a year ago. Adjusted EBITDA was $167 million, up $119 million or 248% from $48 million last year.
For the six months, the company reported net sales of $1,209.9 million compared to $372.8 million a year ago. Operating profit was $46.2 million compared to $9.6 million a year ago. Loss before income taxes and non-controlling interests was $10.9 million compared to $6.4 million a year ago. Net loss attributable to common shareholders was $38.9 million compared to $7.8 million a year ago. Basic and diluted loss per share was $0.20 compared to $0.07 a year ago. On a pro forma as adjusted basis net sales were $1,297.4 million compared to $1,454.7 million a year ago. On a pro forma as adjusted operating profit was $231.1 million compared to $261.6 million a year ago. On a pro forma as adjusted income before income taxes and non-controlling interests was $140.9 million compared to $167.4 million a year ago. On a pro forma as adjusted basis net income attributable to common shareholders was $101.0 million compared to $119.4 million a year ago. On a pro forma as adjusted diluted earnings per share were $0.41 compared to $0.49 a year ago. Net cash flows from operating activities were $100.3 million compared $49.2 million a year ago. Capital expenditures, net were $29.3 million compared to $4.6 million a year ago. Pro-forma Adjusted EBITDA was $328.4 million compared to $302.3 million a year ago. As of June 30, 2015, net debt was $2.75 billion, which includes $365 million of cash that will be used for the OM transaction.
For the full year 2015, the company’s previous guidance was based on foreign exchange rates as of the end of February, and the recent depreciation of global currencies, and particularly the Brazilian Reais, against the dollar is expected to result in a reduction to adjusted EBITDA (particularly given that two-thirds of Platform's Brazilian earnings typically come in the second half of the year). Based on end of July foreign exchange rates and excluding any impact from the announced acquisitions that have not yet closed, the company expects adjusted EBITDA to be in the range of $620 million to $650 million compared to initial expectations of $660 million to $680 million.
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