Manufacturing Industry
Ferro Corp. to Acquire Several [dmc.sup.2] Businesses from OM Group.
Journal of Coatings Technology, The, June, 2001
Ferro Corporation, Cleveland, OH, has signed an agreement to acquire certain [dmc.sup.2] businesses from OM Group, Inc., Cleveland, OH.
Under the terms of the agreement, Ferro would purchase the electronic materials, performance pigments, glass systems and Cerdec ceramics businesses of [dmc.sup.2] for 600 million euros in cash (approximately $540 million). Annual sales for these businesses were approximately $520 million in 2000 and EBITDA (earnings before interest, taxes, depreciation and amortization) was approximately $58 million, excluding certain nonrecurring items.
Reportedly, Ferro plans to finance the transaction with a new bank credit facility. The transaction is expected to close in the third quarter, subject to the necessary regulatory...
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