Prince International Corporation, a portfolio company of American Securities LLC, announced that it is acquiring Ferro Corporation for $22 per share in cash, in a transaction valued at approximately $2.1 billion, including the assumption of debt, net of cash. Ferro’s board of directors unanimously approved the agreement.
In conjunction with the transaction’s closing, the company will combine Chromaflo Technologies, a global provider of colorant technology solutions and an American Securities portfolio company. According to the announcement, the combination of Prince, Ferro and Chromaflo will result in a worldwide, diversified business with approximately $2 billion in sales.
“We are thrilled about combining Prince, Ferro and Chromaflo, each a leader in their respective markets, to form a true global technology leader in color solutions, functional coatings and specialty minerals,” said D. Michael Wilson, Prince CEO. “The combination will result in a company with unmatched competencies in particle engineering, glass science and color technology. It will enhance our ability, on a global scale, to deliver state-of-the art products and innovative solutions that enrich everyday life.”
The transaction is expected to close during the first quarter of 2022, subject to the approval of Ferro shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.
Ferro is also the parent company of Dip-Tech, a digital ceramic in-glass printing solutions provider based in Kfar Saba, Israel, which it acquired in 2017.