WEST PALM BEACH, FL -- Platform Specialty Products today said its closing of proposed acquisitions of Alent and the Electronic Chemicals and Photomasks businesses of OM Group are proceeding as scheduled and the company has sufficient cash to fund its deals. 

In addition, Platform lowered its 2015 guidance, previously issued on Aug. 13, to reflect foreign exchange volatility, weakness in certain agricultural end-markets, and other factors related to its agricultural business. 

The firm also announced the promotion of Benjamin H. Gliklich to chief operating officer. Gliklich was previously vice president, corporate development, finance and investor relations.

Closing of the OM EC and PM Businesses will take place in two stages with the first stage expected within 30 days and the second in early 2016. Both OM acquisitions have received all required regulatory approvals.

The Alent acquisition is also proceeding as expected, Platform said, with one regulatory authority outstanding.

Platform has sufficient cash, principally from its $483 million June 2015 equity issuance, to fund the acquisitions of the OM EC and PM businesses. The companu will acquire Alent using a mix of stock and cash, and does not need to issue additional equity to finance the closing of the Alent acquisition.

In a press release, chief financial officer Sanjiv Khattri said Platform remains "committed" to the acquisitions.

"Despite volatility in the capital markets, Platform has long-term financing and cash on hand to complete the OM Group and Alent transactions. Utilizing the committed financing to pay for the balance of the Alent consideration would result in a leverage ratio of 5.6x -- 5.8x net debt to adjusted pro forma EBITDA, based on Platform's revised 2015 adjusted EBITDA guidance, LTM adjusted EBITDA for the OM EC and PM Businesses and Alent, and previously announced synergies. While this will bring Platform's leverage ratio above our target range of 4.5x net debt to EBITDA, we intend to return to that target range through EBITDA growth and free cash flow generation."

Chairman Martin Franklin added that the company would focus on earnings growth instead of acquisitions in 2016.

Platform's new guidance calls for adjusted EBITDA in the range range of $550 million to $570 million, excluding any impact from the OM EC and PM businesses and Alent. The impact of foreign exchange is approximately $25 million, coupled with expected lower agricultural specialty chemical sales of $10 million and a drop of about $40 million due to changes in distribution strategy. 

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