A global specialty chemicals maker whose formulas go into the printed circuit boards, semiconductor packaging, and metal and plastic finishing that power everyday electronics and industrial goods. Founded in 2013 as Platform Specialty Products, the company grew by buying established chemical businesses, then took its current name in 2019 after selling its agriculture division to focus purely on chemicals. Its oldest brand roots reach back to 1922, when MacDermid started in Waterbury, Connecticut.
Revenue hit $977.9M on acquisitions and 20% organic Electronics growth, but pass-through metals mix compressed gross margin to 34.2%.
Acquisitions and AI-driven demand pushed organic up 15%, but the story is in the margin. Revenue rose 56% to $977.9 million while fell 8.4 points to 34.2%, as the mix shift toward lower-margin precious metals-based products in Electronics overwhelmed underlying improvement. The pending Solstice merger now introduces a $376 million termination fee risk that overshadows the operating result.
Key takeaways
contracted 8.4 points to 34.2% because of negative mix from lower-margin precious metals-based product within the Electronics , even though dollars grew.
Organic rose 15%, driven by a 20% organic increase in the Electronics on AI, data center, and advanced packaging demand, with Semiconductor Solutions up 31% and Assembly Solutions up 18%.
Reported reached $977.9 million, up 56% , including $129 million from the Micromax and EFC acquisitions and $107 million in pricing.
Section summaries
Management's Discussion and Analysis
Q2 2026 net sales rose 56% reported (15% organic) driven by acquisitions and Electronics volume, while gross margin fell 840 bps on pass-through metals mix.
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Consolidated Q2 reached $977.9M, with 56% reported growth including $129M from acquisitions and $107M in pricing; was 15%.
rose 35% to $183.5 million, with margin expanding 1.2 points to 27.8%, supported by the acquisitions and broad-based organic volume growth.
fell to $33.0 million from $98.6 million a year ago, as higher investment from rising metals prices consumed cash.
The pending Solstice merger creates a material risk: if the deal fails, the company could owe a $376 million termination fee, and merger-related litigation or business disruption could delay closing.
What changed
The 550-basis-point underlying improvement in Electronics (excluding ) flagged in Q1 2026 did not prevent reported gross margin from falling further, dropping 4.2 points sequentially to 34.2% as the mix of pass-through metals grew.
in Electronics accelerated to 20% from 15% in Q1 2026, defying the concern that growth would moderate as the company lapped 9% organic growth in Q2 2025.
remained under pressure, generating only $33.0 million in Q2 after a $66.6 million outflow in Q1, confirming that rising metals prices are a sustained drag on .
The company's rose to $2.06 billion from $1.63 billion at year-end 2025, reflecting the drawdown of $450 million in add-on term loans and use of the to fund the Micromax and EFC acquisitions.
What to watch
Whether the Solstice merger closes as expected, or whether the $376 million termination fee becomes payable and strains liquidity.
Whether reported can recover above 40% in Q3 2026 if precious metals pass-through mix moderates, or whether the extends for a third consecutive quarter.
The trajectory of in the second half of 2026, to assess whether generation can service the $2.06 billion in ahead of the $800 million maturity in 2028.
The rate in Electronics in Q3 2026, to see whether the 20% pace can be sustained as the company begins to lap the 7% organic growth reported in Q3 2025.
Electronics organic sales grew 20%, led by Semiconductor Solutions (+31%) and Assembly Solutions (+18%) on AI/datacenter demand, while Micromax was acquired in February 2026.
contracted 840 to 34.2% primarily due to negative mix from lower-margin precious metals-based product within Electronics, despite dollar growth.
Operating expenses rose 28% reported, driven by $10.3M from acquired businesses, higher incentive compensation, and a $5.7M increase in non-recurring acquisition and integration costs.
increased 35% to $183.5M with margin expanding 120 to 27.8%, supported by the Micromax and EFC acquisitions and broad-based organic volume growth.
fell to $33.0M from $98.6M due to higher investment from rising metals prices, while investing outflows of $918.7M funded the Micromax and EFC acquisitions.
Quantitative and Qualitative Disclosures About Market Risk
The quantitative and qualitative disclosures about market risk required by this item have not changed materially from those disclosed in our 2025 Annual Report. For a discussion of our exposure to market risk, refer to Part II, Item 7A, Quantitative and Qualitative Disclosures a…
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The quantitative and qualitative disclosures about market risk required by this item have not changed materially from those disclosed in our 2025 Annual Report. For a discussion of our exposure to market risk, refer to Part II, Item 7A, Quantitative and Qualitative Disclosures about Market Risk, contained in our 2025 Annual Report.
From time to time, we are involved in legal proceedings, investigations and/or claims that are incidental to the operation of our businesses. In particular, we are involved in various claims relating to environmental matters at a number of current and former plant sites and wast…
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From time to time, we are involved in legal proceedings, investigations and/or claims that are incidental to the operation of our businesses. In particular, we are involved in various claims relating to environmental matters at a number of current and former plant sites and waste management sites. See Note 9, Contingencies, Environmental and Legal Matters, to the unaudited Condensed Consolidated Financial Statements included in this Quarterly Report for more information and updates.