3 September 2015
DETAILS
announced today that it has signed a definitive agreement with
the shareholders of Egypt-based tile coatings manufacturer
Al Salomi for Frit and Glazes (“Al Salomi”)
to acquire 100% of the equity of Al Salomi
on a cash-free and debt-free basis,
for approximately
subject to working capital and other customary adjustments.
The transaction will be funded with excess cash and
a draw on the Company’s revolving credit facility.
The transaction is expected to close within the next 60 days,
subject to customary closing conditions.
Al Salomi is one of the leading manufacturers of frits and glazes
in the
Al Salomi’s 5,600-square meter plant, located in Suez,
is state-of-the-art, including
continuous furnaces and computerized production lines and
is expected to be one of Ferro’s lowest cost frit production sites.
Current production capacity is 55,000 metric tons per year.
An additional two lines, or 12,000 metric tons per year,
of new tile coatings capacity is under construction and
due to be operational by the end of 2015.
The plant, which will be Ferro’s second frit production facility
in
certain infrastructure assets to support expected growth.
Source: Ferro Corporation
Ferro Corporation
Investor Contact:
John Bingle, 216-875-5411
Treasurer and Director of Investor Relations
john.bingle@ferro.com
or
Media Contact:
Mary Abood, 216-875-5401
Director, Corporate Communications
mary.abood@ferro.com
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