New owner for Ferro

With the unanimous support of the directors, Ferro is being acquired by American Securities subsidiary Prince International, in a deal that should close in Q1 2022 subject to shareholder approval and regulatory clearance. The $22.00/share deal values the firm at about $2.1 billion, including the assumption of debt, net of cash.

Ferro will be combined with Prince itself and its other subsidiary, Chromaflo Technologies, to create a $2 billion/year global player in colours, functional coatings and speciality minerals. Prince CEO D. Michael Wilson said that the combined firm will enjoy “unmatched competencies in particle engineering, glass science and colour technology”.

Ferro employs about 3,700 people and is active in coatings for glass, metal, ceramic and other substrates, plus speciality pigments and colorants. These go mainly into the construction, automotive, electronics, industrial products, household furnishings and appliance markets.

Chromaflo supplies colorant systems and pigment dispersions for architectural and industrial coatings and thermoset composites. Like Ferro, it is based in Ohio. It employs 715 at facilities in 11 countries. Houston-based Prince, meanwhile, has 21 facilities worldwide. It specialises in products for niche applications in the construction, electronics, consumer products, agriculture, oil and gas, automotive and general industrial markets.