Ferro to Divest Specialty Ceramics Business
May 20, 2003
Ferro Corp. recently announced that it has signed a definitive agreement to sell its Specialty Ceramics business to CerCo LLC, an investment group. The divestiture follows a recent announcement Ferro made regarding its intention to divest several small non-core businesses. The business has been reported as a discontinued operation since the third quarter of 2002. The Specialty Ceramics business manufactures and sells ceramic grinding media, kiln furniture, wear tile and structural ceramics to market segments ranging from tableware and pottery to power generation and transmission. Sales in 2002 were approximately $40 million. The sale to CerCo LLC includes two domestic manufacturing operations and one manufacturing operation in Europe. "This divestiture, along with the sale of our Powder Coatings business and a string of acquisitions made since 1998, represent our continued efforts to reposition and improve the growth profile of Ferro's portfolio in accordance with our Leadership Agenda strategy," said Hector R. Ortino, chairman and chief executive officer. "As always in these situations, we are committed to a smooth transition for all the employees impacted by the sale." The company will use the net proceeds to reduce debt levels.
For additional information, call (216) 875-7155 or visit http://www.ferro.com .