Ferro also said it completed the previously announced sale of its Specialty Ceramics business to the investment group CerCo L.L.C. The sale includes two manufacturing sites in Ohio and one manufacturing plant in Spain.
Ferro late last year announced plans to divest several small non-core businesses. Net proceeds will be used to reduce debt levels. Chairman and CEO Hector R. Ortino said the divestitures follow a “period of significant investment in acquisitions” and reflect “our continued efforts to reposition and improve the growth profile of Ferro’s portfolio.” He said the company is focusing on the expansion of businesses that “can attain critical mass, have global scope and that either have or can develop sustainable competitive advantages.”
Ferro is a manufacturer of performance materials, including coatings and specialty chemicals.