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.

"Ferro's transformation culminated in the transaction with Prince, which we believe represents compelling value for our shareholders, as well as a great opportunity for our employees. We are pleased to be able to partner with a market leader like Prince to grow our businesses on a truly global scale.

"Ferro's first quarter 2021 performance demonstrates the strength of our business, with revenue and gross profit significantly higher than the same period last year. Optimization initiatives throughout the Company also contributed to the strong first-quarter performance," concluded Thomas.

The transaction is subject to customary closing conditions, including the approval of Ferro's shareholders and regulatory approvals, and is currently expected to close in the first quarter of 2022. Learn more about Ferro at www.ferro.com.

Headquartered in Houston, Texas, Prince specializes in developing, manufacturing and marketing specialty products, many custom developed, for niche applications in the construction, electronics, consumer products, agriculture, automotive, oil and gas, industrial, and other end markets. Prince employs approximately 1,200 employees across 21 facilities located on six continents. For more information, visit www.princecorp.com.