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Ferro Corporation (NYSE: FOE) has completed its acquisition by Prince International Corporation. Ferro shareholders will receive $22.00 in cash per share, leading to the cessation of Ferro's common stock trading on the NYSE. Following the acquisition, Prince will merge with Chromaflo Technologies Corporation, resulting in the formation of Vibrantz Technologies Inc., a global leader in color solutions and performance coatings with sales exceeding $2 billion.
Positive
Completion of the acquisition allows Ferro shareholders to receive $22.00 per share in cash.
The merger with Chromaflo creates Vibrantz Technologies Inc., expanding market presence.
Combined entity expected to generate sales over $2 billion, enhancing growth potential.
Negative
Ferro's common stock will cease trading, impacting liquidity for current shareholders.
CLEVELAND--(BUSINESS WIRE)--
Ferro Corporation (NYSE: FOE) (“Ferro”), a leading global supplier of technology-based functional coatings and color solutions, today announced that the previously announced acquisition of Ferro by Prince International Corporation (“Prince”) has been completed.
Under the terms of the transaction, Ferro shareholders are entitled to receive $22.00 in cash, without interest and less any applicable withholding taxes, for each share of Ferro common stock that they own immediately prior to the completion of the merger. As a result of the completion of the acquisition, Ferro’s common stock will cease trading on the NYSE.
In conjunction with the transaction closing, Prince will combine with Chromaflo Technologies Corporation, a premier global provider of colorant technology solutions. The combined companies will be rebranded as Vibrantz Technologies Inc., a leading global, diversified technology leader in color solutions, performance coatings and advanced materials with sales of more than $2 billion.
About Ferro Corporation
Ferro Corporation (www.ferro.com) is a leading global supplier of technology-based functional coatings and color solutions. Ferro supplies functional coatings for glass, metal, ceramic and other substrates and color solutions in the form of specialty pigments and colorants for a broad range of industries and applications. Ferro products are sold into the building and construction, automotive, electronics, industrial products, household furnishings and appliance markets. The Company’s reportable segments include: Functional Coatings and Color Solutions. Headquartered in Mayfield Heights, Ohio, the Company has approximately 3,600 associates globally and reported 2021 sales of $1,126 million.
About Prince International Corporation
Headquartered in Houston, Texas, Prince specializes in developing, manufacturing and marketing performance-critical specialty products, many custom developed, for niche applications in the construction, electronics, consumer products, agriculture, automotive, oil & gas, industrial and other end markets. Prince employs approximately 1,200 employees across its 21 facilities located on 6 continents. Prince is a portfolio company of American Securities LLC. For more information, visit www.princecorp.com.
About Chromaflo Technologies
Chromaflo Technologies is a leading independent global supplier of colorant systems and pigment dispersions, serving customers in architectural and industrial coatings as well as the thermoset composites market. Headquartered in Ashtabula, Ohio, Chromaflo has approximately 715 employees and has production facilities in the U.S., Mexico, Uruguay, Canada, The Netherlands, Finland, Australia, South Africa, India, Malaysia, and China. Chromaflo is a portfolio company of American Securities LLC. For more information visit www.chromaflo.com.
