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FERRO CORPORATION CLOSES dmc2 ACQUISITION
11-09-2001: CLEVELAND, OH – September 10, 2001 – Ferro Corporation announced today that it has completed the acquisition of certain businesses of dmc2 from OM Group, Inc. of Cleveland. The businesses acquired include electronic materials, performance pigments, glass systems and Cerdec ceramics and had combined revenues of approximately $520 million in 2000. The cash purchase price was approximately $525 million. The Company also reported that it had entered into foreign exchange contracts to protect against changes in the purchase price due to movements in the value of the Euro. Those contracts were closed at gains of approximately $17 million, effectively reducing the purchase price paid to OM Group to $508 million.
Hector R. Ortino, Ferro chairman and chief executive officer, said, "The acquisition of the dmc2 businesses is a perfect fit for Ferro. The businesses acquired complement Ferro’s own operations in technology, geographic reach and product portfolio. We see substantial opportunities to strengthen the combined operations and achieve significant efficiencies as we bring the best of both companies together."
The Company noted that integration teams comprised of personnel from both Ferro and dmc2 are already under way to combine the two organizations.
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