MIAMI, Oct. 23, 2015 (GLOBE NEWSWIRE) -- Platform Specialty Products Corporation (NYSE:PAH) ("Platform"), a global specialty chemicals company, announced today that Daniel H. Leever, Chief Executive Officer of the company, has indicated his intention to retire from the company once a suitable successor has been hired. Until such appointment, the Company's senior management, including Benjamin H. Gliklich, Chief Operating Officer, and Sanjiv Khattri, Chief Financial Officer, will report to the Office of the Chairman, comprised of Martin E. Franklin, Platform's Founder and Chairman, and Mr. Leever.
Martin E. Franklin commented, "Dan has played a pivotal role in the creation of Platform and it is a testament to his energy, passion and "builder" mentality that Platform's annualized, pro forma revenues will have grown five fold from 2013 to 2015, including the impending acquisitions of OMG and Alent. With the upcoming closing of the Alent transaction, we respect Dan's decision that it is the right time for a new generation of leadership to continue the vision. Dan has contributed enormously to Platform's early success, and the values and performance of our first acquisition, the MacDermid business, set a high standard for all the other specialty chemical businesses within our group. A sign of a great leader is that he helps find a successor who can continue the positive momentum in the business and Dan is fully engaged in helping identify a new, extremely high caliber CEO for Platform."
Daniel H. Leever added, "It is with very mixed feelings that I reached the decision that this is the best time for the business and me personally to retire from the responsibilities involved with day to day operations. I believe in Martin's vision for Platform and am proud that I have been able to contribute to its past success and help lay a strong foundation for its continued success. While I'll surely miss the day to day interactions with the incredible employees who lay the foundation for all of Platform's success, I strongly believe that it is the right time for a new person to take over the reins of day to day operations and to be able to set out a clear execution strategy for the next years of consistent, profitable growth."
Platform is a global producer of high-technology specialty chemicals and provider of technical services. The business involves the manufacture of a broad range of specialty chemicals, created by blending raw materials, and the incorporation of these chemicals into multi-step technological processes. These specialty chemicals and processes are sold into multiple industries including agricultural, electronics, graphic arts, metal and plastic plating, and offshore oil production and drilling. More information on Platform is available at www.platformspecialtyproducts.com.
This press release contains forward-looking statements, including, but not limited to, statements regarding the timing of the close of the Alent transaction. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, Platform's ability to satisfy the conditions required to close the Alent transaction, market and other general economic conditions, Platform's perception of future availability of equity or debt financing needed to fund its growing business and the risk factors set forth in the periodic reports and other documents filed by Platform with the Securities and Exchange Commission, including Platform's annual report on Form 10-K for the fiscal year ended December 31, 2014 and quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2015. These forward-looking statements are made as of the date of this press release and Platform assumes no obligation to update such forward-looking statements or to update the reasons why actual results could differ from those projected in such forward-looking statements.
CONTACT: Source/Investor Relations Contact: Carey Dorman Platform Specialty Products Corporation +1-561-406-8465 Media Contacts: Liz Cohen Weber Shandwick +1-212-445-8044 Kelly Gawlik Weber Shandwick +1-212-445-8368
Source:Platform Specialty Products Corporation