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Ferro Corp to acquire 100% stake in Barcelona-based Nubiola Pigmentos

May 12/2015

MOSCOW (MRC) -- Ferro Corporation has signed a definitive agreement with the shareholders of Barcelona-based Nubiola Pigmentos to acquire 100% of the equity of Nubiola, on a cash-free and debt-free basis, for EUR146 million, the company announced.

Nubiola is among the worldwide producers of specialty inorganic pigments and the among the worlds largest producers of Ultramarine Blue, a high-value pigment for plastics and construction industries due to its durability, unique color attributes and its whitening capability. Based on 2014 EBITDA, excluding expected transaction synergies, the acquisition purchase price represents a transaction multiple of approximately 7X. The transaction will be funded with excess cash and a draw on the Companys existing revolving credit facility. The transaction is expected to close within the next 60 days, subject to customary closing conditions.

Other products of Nubiola include specialty Iron Oxides, Chrome Oxide Greens and Corrosion Inhibitors. Nubiola generated 2014 annual sales of $119 million, based on the current euro exchange rate, and achieved compound annual growth of 4.1% over the last three years. The 101-year-old family-owned company employs approximately 750 people, including temporary employees, and has production facilities in Spain, Colombia, Romania, and India and a joint venture in China. Nubiola sells into more than 85 countries. The majority of Nubiolas customers serve the plastics and construction industries.

Commenting on the proposed transaction, Peter Thomas, Chairman, President and CEO of Ferro Corporation, said, "Nubiola is an excellent strategic fit with Ferro, as we strengthen our position as a global color solutions provider. The acquisition will significantly expand our product portfolio and geographic footprint and more than triple the size of our addressable market in inorganic pigments to greater than $1 billion. Nubiola will bring technology leadership on a global scale in Ultramarine Blue, along with a range of other high-value pigment and corrosion inhibitor product lines."

As MRC informed earlier, in 2014 A. Schulman, Inc. completed its acquisition of a selected majority of the assets of the Specialty Plastics business segment from Ferro Corporation for USD91 million in cash.

Ferro provides manufacturers cars, containers and packaging, building and industrial products, household furnishings, personal electronics to medical devices.
Author:Anna Larionova
Tags:pigmentniy krasitel, car components, paints and coatings, A.Schulman, Ferro Corporation, USA.
Category:General News
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