CLEVELAND - Ferro Corp., Mayfield Heights, OH, has signed a definitive agreement with the shareholders of Barcelona-based Nubiola Pigmentos (Nubiola) to acquire 100% of the equity of Nubiola, on a cash-free and debt-free basis, for €146 million. The transaction will be funded with excess cash and a draw on Ferro’s existing revolving credit facility. The transaction is expected to close within the next 60 days, subject to customary closing conditions.
Nubiola is a worldwide producer of specialty inorganic pigments and the world’s largest producer of ultramarine blue. Other products include specialty iron oxides, chrome oxide greens and corrosion inhibitors. Nubiola generated 2014 annual sales of $119 million, based on the current euro exchange rate, and achieved compound annual growth of 4.1% over the last three years. The 101-year-old, family-owned company employs approximately 750 people, including temporary employees, and has production facilities in Spain, Colombia, Romania, and India and a joint venture in China. Nubiola sells into more than 85 countries. The majority of Nubiola’s customers serve the plastics and construction industries.