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Ferro signs agreement to acquire of Belgium-based Cappelle pigments for EUR 50.5 mln

October 19/2016

MOSCOW (MRC) -- Ferro Corporation announced entering into an agreement to acquire Cappelle Pigments NV and the acquisition of certain assets of Delta Performance Products, for aggregate consideration of approximately USD60 million, said Businesswire.

Sales for the two businesses in 2016 are estimated to be approximately USD76 million in the aggregate and adjusted EBITDA in 2016 is expected to be approximately USD11 million. Based on estimated 2016 adjusted EBITDA, excluding expected synergies, the purchase price of the two businesses represents a combined transaction multiple of approximately 5.6X.

On October 14, 2016, Ferro signed a definitive agreement to acquire 100% of the stock of Belgium-based Cappelle Pigments for EUR50.5 million (approximately USD56 million) on a cash-free and debt-free basis. The transaction is expected to close by year end, subject to customary closing conditions, including regulatory review.

Cappelle is a 125-year-old, privately held company that produces specialty, high-performance inorganic and organic pigments used in coatings, inks and plastics and sells its products in more than 75 countries. Cappelle specializes in weather-, heat-, and light-resistant organic pigments. The company is also a market leader in certain inorganic pigments that complement Ferros market leadership positions in Complex Inorganic Colored Pigments (CICPs) and Ultramarine Blue pigments.

On August 1, 2016, Ferro purchased certain assets of Delta Performance Products. This business produces customized colorant blends that utilize Ferros CICPs for the concrete and outdoor hardscape markets.

Peter Thomas, Chairman, President and CEO of Ferro Corporation, said, "These acquisitions are great additions to our growing Pigments business. Both fit extremely well into the strategy for our color solutions businesses, and we are excited about the opportunities these assets present to enhance shareholder value. Over the next 12 to 24 months, between the two businesses, we expect to realize commercial and operating synergies of USD3 million to USD4 million.

As MRC informed earlier, 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.

Ferro Corporation 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 USD1.1 billion.


mrcplast.com
Author:Anna Larionova
Tags:pigmentniy krasitel, car components, compounding, compounds, coatings, Ferro Corporation.
Category:General News
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