CLEVELAND — Ferro Corp., a leading global supplier of technology-based functional coatings and color solutions, has entered into a definitive agreement to be acquired by Prince International Corp., a portfolio company of American Securities LLC, in an all-cash transaction valued at approximately $2.1 billion, including the assumption of debt, net of cash. Under the terms of the agreement, which has been unanimously approved by the Ferro Corp. board of directors, Prince will acquire all of the outstanding common stock of Ferro for $22.00 per share in cash.

"This transaction creates significant value for our shareholders. Ferro has successfully executed a five-phase transformation strategy that has resulted in creating a global leader in functional coatings and color solutions focused on high-growth markets. Our products are used in critical industries such as healthcare, automotive, electronics, aerospace and construction, while being aligned with key global megatrends such as IoT, 5G and sustainability. The steps we have taken to develop a cohesive technology-driven portfolio and enhance our market leadership positions with long-standing, market-leading customers and deliver sustainable growth have made Ferro an attractive investment," said Peter Thomas, Chairman, President and CEO of Ferro Corp.