Ferro to Sell Powder-Coatings Operations in Deals with Akzo Nobel, Rohm and Haas
CLEVELAND - Ferro Corp., reported to be one of the top five powder-coatings producers worldwide, announced plans to sell its Powder Coatings business unit in separate transactions with Akzo Nobel N.V. and Rohm and Haas Co.
Akzo Nobel is purchasing Ferro's powder-coatings operations in the Americas and Asia-Pacific, while Rohm and Haas is purchasing the operations in Europe. The transactions are valued at $160 million, including the assumption of certain liabilities by Akzo Nobel and Rohm and Haas, and are subject to regulatory approvals. Sales of Ferro's Powder Coatings unit were approximately $175 million in 2001.