Prince International to Buy Ferro for US$2.1 billion

Prince International Corp of Houston, TX, a portfolio company of American Securities LLC of New York, NY, is acquiring Ferro Corp of Mayfied Heights, OH for approximately US$2.1 billion, including the assumption of debt, net of cash.

The agreement has been unanimously approved by Ferro’s board of directors.

In conjunction with the closing of the transaction, the company will combine with Chromaflo Technologies, also an American Securities portfolio company. The combination of Prince, Ferro and Chromaflo will result in a global diversified business with annual sales of about US$2 billion.

D Michael Wilson, Prince’s CEO, said, “We are thrilled about combining Prince, Ferro, and Chromaflo, each a leader in their respective markets, to form a true global technology leader in color solutions, functional coatings and specialty minerals. The combination will result in a company with unmatched competencies in particle engineering, glass science and color technology. It will enhance our ability, on a global scale, to deliver state-of-the-art prodcuts and innovative solutions hat enricj everyday life.”

The transaction is expected to close during the first quarter of 2022, subject to the approval of Ferro shareholders and the satisfaction of customary closing conditions.

Volume 35, Issue 09

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