U.S.-based coatings and colorants maker Ferro Corporation has bought Spanish pigments maker Nubiola Pigmentos for 146 million euros, or about US$163 million.
Mayfield Heights, Ohio-based Ferro signed a definitive agreement with shareholders of the Spanish company to acquire 100 percent of the equity of Nubiola, on a cash-free and debt-free basis.
Nubiola makes specialty inorganic pigments, including one called “Ultramarine Blue,” a high-value pigment for plastics and construction industries, according to a news release, which also noted it’s known for its durability, unique color attributes and its whitening capability.
“Nubiola is an excellent strategic fit with Ferro, as we strengthen our position as a global color solutions provider,” Peter Thomas, chairman, president and CEO of Ferro, said in a written statement.
Ferro makes coatings and colors that go into products that include cell phones and coffee cups. The company has about 3,985 employees globally and reported 2014 sales of US$1.1 billion.
