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Share Name | Share Symbol | Market | Type |
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Ferro Corp | NYSE:FOE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 22.01 | 0 | 01:00:00 |
Producer of specialty, high-performance inorganic and organic pigments enhances Ferro’s color solutions portfolio
In the release dated Dec. 9, 2016, the embedded hyperlink behind www.Cappelle.be in the first sentence of the "About Cappelle Pigments" paragraph should be: http://www.cappelle.be/en/31.
The corrected release reads:
FERRO COMPLETES ACQUISITION OF CAPPELLE PIGMENTS
Producer of specialty, high-performance inorganic and organic pigments enhances Ferro’s color solutions portfolio
Ferro Corporation (NYSE: FOE, the “Company”), announced today that it has completed the previously announced acquisition of Belgium-based Cappelle Pigments (“Cappelle”), a leader in specialty, high-performance inorganic and organic pigments used in coatings, inks and plastics, for €50.5 million (approximately $54 million) on a cash-free and debt-free basis. The acquisition was previously announced on October 17, 2016. The transaction was funded through excess cash and borrowings under the Company’s existing revolving credit facility.
Cappelle is a 125-year-old premium pigment producer and a market leader in inorganic pigments. Cappelle's pigments complement Ferro’s market leadership positions in Complex Inorganic Colored Pigments (“CICPs”) and Ultramarine Blue pigments. Cappelle has a strong reputation in Bismuth Vanadates, offering yellow, orange and red shade varieties, which provide an environmentally friendly alternative to lead chromates in high-performance applications. Cappelle's organic pigments offer superior heat, light and environmental wear resistance.
“This acquisition strengthens our color solutions business by facilitating our expansion into the high-performance, specialty organic pigment market and complementing our inorganic pigment portfolio,” said Peter Thomas, Chairman, President and CEO of Ferro Corporation. “The transaction will significantly expand our addressable market for pigments and increase sales in our Pigments, Powders and Oxides (“PPO”) business by approximately $70 million. Pigments produced by Cappelle and Ferro can be combined or blended with other mediums to produce specialized color solutions that enhance functionality and effectiveness of our customers’ end products while improving customers’ efficiency. We are delighted to welcome the Cappelle team to Ferro and are eager to leverage the enhanced capabilities that the acquisition provides.”
About Ferro Corporation
Ferro Corporation (http://www.ferro.com) is a leading global functional coatings and color solutions company that supplies technology-based performance materials, including glass-based coatings, pigments and colors, and polishing materials. Ferro products are sold into the building and construction, automotive, appliances, electronics, household furnishings, and industrial products markets. Headquartered in Mayfield Heights, Ohio, the Company has approximately 4,900 employees globally and reported 2015 sales of $1.1 billion.
About Cappelle Pigments
Cappelle Pigments (www.Cappelle.be) is a privately owned producer of high-grade organic and inorganic pigments. The company is headquartered in Belgium with an additional production site in France and has 230 employees. Cappelle Pigments has worldwide representation and sales in more than 75 countries. Main products are Bismuth Vanadate, transparent iron oxide and organic high-performance pigments.
Cautionary Note on Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of Federal securities laws. These statements are subject to a variety of uncertainties, unknown risks, and other factors concerning the Company's operations and business environment. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements and that could adversely affect the Company's future financial performance include the following:
The risks and uncertainties identified above are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these developments could have material adverse effects on our business, financial condition and results of operations.
This release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information, or circumstances that arise after the date of this release. Additional information regarding these risks can be found in our Annual Report on Form 10-K for the period ended December 31, 2015.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161209005317/en/
Ferro CorporationInvestor Contact:Kevin Cornelius Grant, 216-875-5451Manager, Investor Relationskevincornelius.grant@ferro.comorMedia Contact:Mary Abood, 216-875-5401Director, Corporate Communicationsmary.abood@ferro.com
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