Ferro Completes Sale of Powder-Coatings Business
Akzo Nobel purchased Ferro's powder-coatings operations in the Americas and the Asia-Pacific region, while Rohm and Haas purchased the business's European operations.
Ferro said the sale is the latest move in a series of actions designed to "reposition" its portfolio. Those actions include eight acquisitions in the last four years that have "significantly strengthened the growth profile of our core businesses," said Chairman and CEO Hector Ortino. He said proceeds from the sale would be used to reduce debt and strengthen the company's balance sheet following the series of acquisitions.