Chemtura planning to sell agrochemicals business to Miami-based Platform Specialty Products for about US$1B, the Wall Street Journal reports, citing people familiar with the matter

NEW YORK , April 17, 2014 () – Chemtura Corp plans to sell its agrochemicals business to Platform Specialty Products Corp for about $1 billion, the Wall Street Journal reported, citing people familiar with the matter.

The two specialty chemicals companies, each with a market value of about $2.4 billion, plan to announce the deal on Thursday, the newspaper said. (http://r.reuters.com/fyz58v)

The deal will be paid for with $950 million in cash and 2 million Platform shares, the Journal said.

Chemtura's agrochemicals unit sells chemicals-based products such as insecticides and growth regulators.

Chemtura and Platform Specialty were not immediately available for comment outside regular U.S. business hours. (Reporting by Supriya Kurane in Bangalore; Editing by Gopakumar Warrier)

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