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Ferro to acquire Egyptian tile coatings manufacturer

September 04/2015

MOSCOW (MRC) -- Ferro Corporation announced that it has signed a definitive agreement with the shareholders of Egypt-based tile coatings manufacturer Al Salomi for Frit and Glazes to acquire 100% of the equity of Al Salomi on a cash-free and debt-free basis, for approximately USD39 million in cash, subject to working capital and other customary adjustments, said the company in its press release.

The transaction will be funded with excess cash and a draw on the Companys revolving credit facility. The transaction is expected to close within the next 60 days, subject to customary closing conditions.

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

Al Salomi is one of the leading manufacturers of frits and glazes in the Middle East and North Africa. Al Salomis 5,600-square meter plant, located in Suez, Egypt, is state-of-the-art, including continuous furnaces and computerized production lines and is expected to be one of Ferros lowest cost frit production sites. Current production capacity is 55,000 metric tons per year. An additional two lines, or 12,000 metric tons per year, of new tile coatings capacity is under construction and due to be operational by the end of 2015. The plant, which will be Ferros second frit production facility in Egypt, includes additional land and certain infrastructure assets to support expected growth.

Ferro Corporation is a leading global supplier of 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 4,710 employees globally and reported 2014 sales of USD1.1 billion.


mrcplast.com
Author:Anna Larionova
Tags:construction, compounding, paints and coatings, coatings, A.Schulman, Ferro Corporation.
Category:General News
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