Material supplier Ferro Corporation has sold the majority of the assets of its polymer additives business to a U.S.-based private equity firm for US$154 million in cash.
Polymer Additives Inc., a portfolio company of H.I.G. Capital LLC, bought the assets from Mayfield Heights, Ohio-based Ferro Corp; assets included in the transaction are Ferro’s four plants in the U.S. – in Bridgeport, N.J.; Cleveland, Ohio; Fort Worth, Tex.; and Walton Hills, Ohio – its manufacturing operation in Newport, UK; assets at the its former Baton Rouge, La. plant; and its polymer additives research and development lab in Independence, Ohio.
Ferro’s polymer additives assets in Antwerp, Belgium, and related European headquarters and lab facilities are not included in the sale.
“Our strategic vision is to become the premier global functional coatings and color solutions company, building on our core competencies in glass and color technologies,” Ferro chairman, president and CEO Peter Thomas said in a statement. “These divestitures align our portfolio with that vision and provide liquidity for strategic growth activities. We believe that continued focus on our core businesses will allow us to deliver increased cash flow and greater shareholder value.”
H.I.G. Capital is based in Miami, Fla. The firm’s current portfolio includes more than 80 companies with combined sales in excess of US$30 billion.
