Ferro Announces the Sale of Its North America-Based Polymer Additives Business
The Company estimates that cash proceeds, net of cash income taxes and fees, from the sale will be approximately $143 million, which it plans to use primarily to repay debt under its revolving credit facility and to fund strategic growth opportunities. The asset sale closed concurrently with the signing of the asset purchase agreement. The Company was advised on the transaction by KeyBanc Capital Markets Inc. and Jones Day.
Excluded from this transaction are the Company’s Europe-based Polymer Additives assets, including the Antwerp, Belgium dibenzoates manufacturing assets, and related Polymer Additives European headquarters and lab facilities. These assets are currently being marketed.
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