Woking-based Alent plc (www.alent.com) — a manufacturer of speciality chemicals and engineered materials used primarily in the electronics, automotive and industrial sectors — is to be acquired by a US competitor — Platform Specialty Products — in a deal worth more than £1.35 billion.

For the financial year ended 31 December, Alent had net sales of £413 million, adjusted operating profits of £95.1 million and adjusted pre-tax profits of £91.5 million.

Chief executive Andrew Heath said: “The combination with Platform, drawing on the best that both firms have to offer, is a compelling proposition that will be better able to serve customers and provide even greater opportunities for our employees. Our board is unanimous in its recommendation of the proposed transaction.

“In the last two years, our market-leading businesses — Assembly Materials and Surface Chemistries — have out-performed their end-markets and delivered increasing returns.

"Major steps have been taken to improve efficiency, together with investment in facilities and R&D, to support future growth. In addition, our Investment for Growth strategy — announced earlier this year — positions us to deliver long-term growth and sustainable margin improvement.

“The significant premium being offered by Platform recognises the progress that Alent has made, the opportunities in front of us and the overall quality of the business, while also presenting a clear opportunity for our shareholders to realise the full value of their investment earlier.”