CLEVELAND–(BUSINESS WIRE)–Ferro Corporation (NYSE: FOE) (“Ferro”), a leading global provider of technology-based functional coatings and color solutions, today announced that the previously announced acquisition of Ferro by Prince International Corporation (“Prince”) has been terminated.
Under the terms of the transaction, Ferro shareholders are entitled to receive $22.00 in cash, without interest and less applicable withholding taxes, for each share of Ferro common stock they hold immediately prior to the completion of the merger. Following the completion of the acquisition, Ferro common stock will cease trading on the NYSE.
Concurrent with the closing of the transaction, Prince will partner with Chromaflo Technologies Corporation, a leading global provider of dye technology solutions. The combined companies will be renamed Vibrantz Technologies Inc., a global and diversified technology leader in color solutions, performance coatings and advanced materials with sales of more than $2 billion.
About Ferro Corporation
Ferro Company (www.ferro.com) is a leading global provider of technology-based functional coatings and color solutions. Ferro provides functional coatings for glass, metal, ceramics and other substrates and color solutions in the form of specialty pigments and colorants for a wide range of industries and applications. Ferro products are sold in the building and construction, automotive, electronics, industrial products, furniture and appliance markets. The Company’s reportable segments include: Functional Coatings and Color Solutions. Based in Mayfield Heights, Ohio, the firm has approximately 3,600 associates worldwide and had revenue of $1,126 million in 2021.
About Prince International Corporation
Based in Houston, Texas, Prince specializes in the development, manufacture and marketing of performance-critical specialty products, many of which are custom developed, for niche applications in the construction, electronics , consumer products, agriculture, automotive, oil and gas, industrial and other end markets. Prince employs approximately 1,200 employees in its 21 facilities located on 6 continents. Prince is a holding company of American Securities LLC. For more information, visit www.princecorp.com.
About Chromaflo Technologies
Chromaflo Technologies is one of the world’s leading independent suppliers of colorant systems and pigment dispersions, serving customers in the architectural and industrial coatings as well as the thermoset composites market. Based in Ashtabula, Ohio, Chromaflo has approximately 715 employees and has production facilities in the United States, Mexico, Uruguay, Canada, Netherlands, Finland, Australia, South Africa, in India, Malaysia and China. Chromaflo is a holding company of American Securities LLC. For more information, visit www.chromaflo.com.