Esmalglass Itaca Fritta Buys Ferro's Tile Coatings Business for SUS 460-492 Million

摘要

Ferro Corp. (headquartered in Mayfield Heights, Ohio) has signed a definitive agreement to sell its Tile Coatings business to Pigments Spain SL (part of the Esmalglass Itaca Fritta group). The value of the transaction was reported as $US 460 million cash plus an additional cash sum of up to SUS 32 million, depending on the performance of the business between now and the transaction closing date. Ferro's Tile Coatings business specialises in producing coatings for ceramic tiles used in residential and non-residential construction. Historically, it was part of Ferro's Performance Coatings reporting segment, along with the Porcelain Enamel business. The Tile Coatings business generated sales revenues of approximately SUS 510 million for the 12 months to end-September 2019.