PHILADELPHIA, Aug. 5 - Rohm and Haas Company announced today its intention to acquire the European assets of
Ferro Corporation's
powder coatings business for approximately $60 million. Ferro's
powder coatings business produces materials used mostly by manufacturers of metal products to finish products like automotive wheels, home appliances, and window frames.
These assets include manufacturing operations in the
United Kingdom,
Germany, and
Spain, supporting an extensive
sales and distribution network throughout Europe and strong market positions in the automotive, construction, appliances, and general industrial market segments. Rohm and Haas said that it signed a binding agreement. Further financial details are not available.
Jim Swanson, Vice President and Business Unit Director of Rohm and Haas's Powder Coatings business, said, "Ferro's European powder coatings business provides the perfect complement for our already strong Pulverac business in Romano d'Ezzelino,
Italy. The expanded European footprint will provide new opportunities for Rohm and Haas specialty products, including our world leading low-
temperature cure technology, high yield products, and
thermoplastics."
Rohm and Haas Company will incorporate the
Ferro acquisition into the existing Powder Coatings business, headquartered in Reading, PA. The acquisition is expected to increase the Powder Coatings division sales to approximately $300 million.