HOUSTON — Prince International Corp., a portfolio company of American Securities LLC, has completed its previously announced acquisition of Ferro Corp. Prince paid $22.00 per share in an all-cash transaction valued at approximately $2.1 billion.
In conjunction with the closing of the transaction, the company will also combine with Chromaflo Technologies, a provider of colorant technology solutions and also an American Securities portfolio company. The new company, renamed Vibrantz Technologies Inc., will be headquartered in Houston, Texas, and will be a global, diversified technology leader in advanced materials, color solutions and performance coatings with sales of approximately $2 billion. The newly combined company employs approximately 5,400 people, operating 63 manufacturing sites across six continents.
Vibrantz Technologies will operate in three business segments:
- Advanced Materials — specialty mineral and chemical additives for end-uses such as alkaline and lithium-ion batteries, electronic components, building and construction, agriculture and animal nutrition, and foundries;
- Color Solutions — dry powder pigments, pigment dispersions and liquid colorants for the paints and coatings, thermoset plastics and thermoplastics, and construction markets; and
- Performance Coatings — high-performance glass coatings and porcelain enamel solutions for coatings, glass and other manufacturers.
"Today, we also launch and celebrate the Vibrantz Technologies brand and logo," said D. Michael Wilson, President and Chief Executive Officer at Vibrantz Technologies. "The new name speaks to who we are — to our energy and boldness — and what we do, which is innovating to bring color, performance and vibrancy to life in countless products across a broad array of end markets, and the design of our logo reflects the global nature of our company."
Learn more at www.vibrantz.com.
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