Ferro ends talks to sell specialty plastics business (October 16, 2006)
Performance materials manufacturer Ferro Corporation has discontinued discussions with private equity firm Wild Poi...
Performance materials manufacturer Ferro Corporation has discontinued discussions with private equity firm Wild Point Partners regarding the sale of its specialty plastics business.
“We did not feel that we could reach an agreement that provided Ferro shareholders with the full value of this business,” James Kirsch, president and CEO of the Cleveland, Ohio-based Ferro, said. “We will continue to operate the specialty plastics business, and expect it to remain a positive contributor to Ferro’s operations.”
In August 2006, Ferro announced that it had reached a definitive agreement to sell the specialty plastics business to Wild Point Partners, which is headquartered in Chicago. At the time, the sale agreement was described as part of a restructuring effort designed to generate annualized savings for Ferro of between $40 to $50 million by the end of 2009.
Ferro employs about 750 workers in 11 production facilities in the U.S., Europe and Latin America. The company reported 2005 revenues of approximately $275 million.