Ferro Corporation Completes Sale of Powder Coatings Business
Hector R. Ortino, Ferro chairman and chief executive officer stated, "The divestiture of Powder Coatings is an extension of the Leadership Agenda strategy we adopted in 1999 and represents our continued efforts to reposition Ferro's portfolio. The transformation of the portfolio, which also includes eight acquisitions over the last four years, has significantly strengthened the growth profile of our core businesses."
The sale is valued at approximately $160 million for Ferro, including the assumption of certain liabilities by the acquiring parties. Sales for the Powder Coatings business were approximately $175 million in 2001.
Ortino further commented, "The divestiture proceeds will help to further reduce debt and strengthen the balance sheet following a period of significant investment. The improved portfolio and strong balance sheet enhances our overall ability to create sustainable, profitable growth for our shareholders."
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