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MacDermid, a formulator of specialty chemicals used to make electronic components, graphic arts materials, and oil drilling fluids, will be sold to Platform Acquisition Holdings for $1.8 billion. Privately held MacDermid, which had sales of $742 million in the 12 months ending Sept. 30, will form the basis for a new specialty chemical firm, according to Martin E. Franklin, Platform’s founder. Franklin is also chairman of Jarden, the maker of consumer products such as Mr. Coffee appliances and Bicycle playing cards. Investors in Platform, set up in May for the purpose of making acquisitions, include sovereign wealth funds and hedge funds such as Pershing Square Capital Management, which recently bought a nearly 10% stake in Air Products & Chemicals. The MacDermid deal is expected to close by the end of October.
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