Ferro Corporation has announced that it has completed the sale of its pharmaceuticals business, Pfanstiehl Laboratories, to PLI Holdings, Inc., an affiliate of Med Opportunity Partners, LLC. Consideration was comprised of a USD 16.9 million cash payment and an earn-out incentive payment of up to USD 8 million, payable over two years based on attained earnings targets. In addition, the company retained certain tax benefits with an estimated value of approximately USD 5 million. Ferro's pharmaceuticals business generated segment income of USD 2.4 million in 2012.
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