Jarden's founder to buy chemical maker MacDermid for $1.8 bln


Oct 10 (Reuters) - Platform Acquisition Holdings Ltd, founded by Jarden Corp Chairman MartinFranklin, said it would acquire privately held specialtychemicals maker MacDermid Inc for about $1.8 billion.

Denver-based MacDermid makes specialized chemicals that areused by manufacturers of automobiles and consumer electronics,and in the offshore drilling industry.

The deal underscores British-born Franklin's quest ofbuilding a conglomerate of unrelated consumer brands.

Jarden's portfolio consists of about 100 brands that rangefrom Mr. Coffee and Sunbeam appliances to Crock-Pot slow cookersand Aviator playing cards. It supplies to retailers such asWal-Mart Stores Inc, Target Corp and Bed, Bathand Beyond.

The company bought Yankee Candle Co, the largest scentedcandle company in the United States, for $1.75 billion lastmonth from private equity owner Madison Dearborn Partners.

The Wall Street Journal reported earlier on Thursday thatPlatform was in advanced talks to buy MacDermid. Platform is ashell company created by Franklin and billionaire NicolasBerggruen for making acquisitions.

If completed, the acquisition will constitute a reversetakeover, Platform Acquisition said in a statement.

After the deal, Platform Acquisition will be renamedPlatform Specialty Products Corp (PSP), its headquarters will bemoved to the United States and its listing to the New York StockExchange.

MacDermid's Chairman and Chief Executive Officer, DanielLeever, will be appointed as the new company's CEO. FrankMonteiro, MacDermid's Chief Financial Officer, will become theCFO of PSP.

The deal is expected to close by the end of the year.

Platform Acquisition's shareholders include sovereign wealthfunds, hedge fund investors and William Ackman's Pershing SquareCapital Management.

MacDermid was taken private for $1.3 billion in amanagement-led buyout in 2007. It generated about $740 millionin revenue for the year to September.

Shares of Platform Acquisition were halted on the LondonStock Exchange on Thursday. They closed at 10.50 pence onWednesday.

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