Coatings supplier Ferro Corp. acquired by chemical maker Prince International
The $2.1-billion deal will see Ferro combine with Chromaflo Technologies.
Houston-based chemicals company Prince International Corp, a portfolio company of American Securities LLC, is acquiring Ohio-based coatings supplier Ferro Corp. in a deal valued at US$2.1 billion.
Ferro supplies functional coatings and specialty pigments and colourants for a broad range of industries and applications. The company’s products are used in building and construction, automotive, electronics, industrial products, household furnishings and appliance markets. It has approximately 3,700 employees worldwide and reported 2020 sales of US$959 million.
When the deal is completed, Ferro will combine with Chromaflo Technologies, a provider of colourant technology solutions and also an American Securities portfolio company.
The deal “represents compelling value for our shareholders, as well as a great opportunity for our employees,” Peter Thomas, Ferro’s chairman, president and CEO, in a May 11 news release. “We are pleased to be able to partner with a market leader like Prince to grow our businesses on a truly global scale.”
The transaction is expected to close during the first quarter of 2022.