Ferro Closes $ 460 Million Sale of Tile Coating Business

Ferro Closes $ 460 Million Sale of Tile Coating Business

Ferro Corp. (NYSE: FOE), based in Mayfield Heights, has completed the sale of its tile coatings business to Pigments Spain SL, the coatings and color solutions company announced in a news Release. The sale was $ 460 million in cash, subject to post-closing adjustments.

The deal was first announced in December 2019.

In the statement, Ferro President and CEO Peter Thomas called the divestment an “extraordinary undertaking”, which makes the company “a more a targeted, agile activity with higher margins and higher growth. “

The proceeds from the sale help strengthen Ferro’s balance sheet, the statement said. The net proceeds are expected to be approximately $ 420 million and be used to reduce debt. The sale also marks a shift in the company’s business strategy towards a technology-driven strategy and…

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