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Specialty chemicals maker Chemtura Corporation has agreed to sell its agrochemicals unit to Platform Specialty Products Corporation in a cash-and-stock deal worth roughly $1 billion.

Miami-based Platform is handing over $950 million in cash, along with 2 million of its own common shares, for Chemtura AgroSolutions in a deal that was announced last Thursday. The agrochemical unit, which generated $449 million in revenue last year, makes seed treatments as well as a range of crop-protecting products that includes fungicides, herbicides and insecticides.

In announcing the deal, Middlebury, Conn.–based Chemtura said the sale will allow it to shift its focus to industrial chemicals such as flame retardants, petroleum additives and urethanes. Last fall Chemtura sold its consumer products business to KIK Custom Products for $315 million. (Davis Polk & Wardwell advised Chemtura on that deal.)

For Platform, the deal bolsters a portfolio of specialty chemicals products that the company has been bolstering since buying MacDermid—a manufacturer of chemicals used in the automotive and offshore drilling industries— for $1.8 billion last October. Prior to that deal, Platform was a British Virgin Islands–based investment company founded by Jarden Corporation’s Martin Franklin and known as Platform Acquisitions. Platform, which also counts Pershing Square Capital Management as a minority owner, said last fall that it planned to continue buying specialty chemicals businesses.

Platform has turned to Greenberg Traurig as its outside legal counsel on the Chemtura deal, according to the company’s announcement. A firm spokesman declined to provide further information on the deal team for Greenberg Traurig, which also advised the company on the MacDermid transaction in October.

Debevoise & Plimpton is advising Chemtura on the sale with a team led by New York–based M&A partner Michael Diz. Tax partner Peter Furci, IP partner Jeffrey Cunard, litigation partner Andrew Levine, compensation and benefits counsel Charles Wachsstock and environmental law counsel Stuart Hammer are also working on the deal. Billie Flaherty serves as Chemtura’s general counsel.

Debevoise and Kirkland & Ellis previously served as cocounsel to Chemtura with respect to the company’s 2009 bankruptcy filing. The company emerged from Chapter 11 bankruptcy protection the following year.