Ferro Announces Agreement to Sell Fine Chemical Business for $ 66 Million in Cash

07-Oct-2008 - USA

Ferro Corporation announced that it has signed an asset purchase agreement with Novolyte Technologies LP, an affiliate of Arsenal Capital Management LP, to sell its fine chemicals business for $66 million in cash.

“This sale is consistent with our vision of focusing Ferro’s businesses around our core capabilities of particle engineering, formulation, color and glass science, and our deep understanding of customer applications,” said Ferro Chairman, President and Chief Executive Officer James F. Kirsch. “The decision to sell the business is a result of a regular review of our business portfolio. Fine Chemicals consists of a number of smaller businesses that do not effectively leverage the scale of Ferro’s core performance materials operations. I am confident that the Fine Chemicals business will continue to pursue many exciting opportunities under its new owners. At the same time, Ferro will benefit from additional liquidity and balance sheet flexibility as proceeds from the sale are used to reduce debt.”

The Fine Chemicals business produces electrolytes used in the manufacture of lithium batteries, specialty solvents, and phosphines and also does contract manufacturing of fine chemicals. It recorded 2007 revenues of approximately $55 million and currently employs approximately 140 employees who will be transferred to Novolyte as a result of the sale. The business includes manufacturing facilities in Baton Rouge, Louisiana and Suzhou, China.

The agreement is subject to normal closing conditions and the sale is expected to close in the fourth quarter of 2008. KeyBanc Capital Markets served as Ferro’s financial advisor and investment banker for this transaction.

Other news from the department business & finance

These products might interest you

ERBAdry

ERBAdry by CARLO ERBA Reagents

Anhydrous solvents from CARLO ERBA Reagents in a clever redesign

ERBAdry series impresses with the latest generation of septa and sealing caps

solvents
Thermo Scientific™ Dionex™ ASE™ 150 or 350 Accelerated Solvent Extractor systems

Thermo Scientific™ Dionex™ ASE™ 150 or 350 Accelerated Solvent Extractor systems by Thermo Fisher Scientific

Accelerated Solvent Extraction (ASE) – Maximize results and reduce errors in food analysis!

More extractions in less time using less solvent

extraction systems
Loading...

Most read news

More news from our other portals

So close that even
molecules turn red...

See the theme worlds for related content

Topic World Battery Technology

The topic world Battery Technology combines relevant knowledge in a unique way. Here you will find everything about suppliers and their products, webinars, white papers, catalogs and brochures.

25+ products
150+ companies
30+ whitepaper
20+ brochures
View topic world
Topic World Battery Technology

Topic World Battery Technology

The topic world Battery Technology combines relevant knowledge in a unique way. Here you will find everything about suppliers and their products, webinars, white papers, catalogs and brochures.

25+ products
150+ companies
30+ whitepaper
20+ brochures