Ceramic Industry News

Ferro Announces European Restructuring (posted 11/6/07)

Ferro Corp. has initiated the next step in the restructuring of its European manufacturing operations. As a result of the new initiative, the company will discontinue manufacturing porcelain enamel frit at its Rotterdam, The Netherlands, facility by the summer of 2008 and will consolidate production at other European sites. Employment at the Rotterdam location will be reduced by 84 positions. Ferro will work closely with customers to ensure a high level of customer support through the transition.

The company expects to record a pre-tax charge in the third quarter ended September 30, 2007, of approximately $5.9 million for severance benefits related to the action, pursuant to an agreement reached with workers’ representatives, and asset impairment and other costs. The charge is expected to reduce diluted earnings per share in the 2007 third quarter by approximately $.10. Previously, Ferro had estimated third quarter earnings would be $.17 to $.22 per share.

Ferro expects to record future severance costs, accelerated depreciation and other costs related to this manufacturing consolidation of approximately $17 million through the third quarter of 2008, in addition to the current charges.

The consolidation of frit manufacturing is part of Ferro’s ongoing effort to reduce annual costs in its European manufacturing operations by $40 million to $50 million by the end of 2009.

Additional information is available at www.ferro.com.


Did you enjoy this article? Click here to subscribe to Ceramic Industry Magazine.

You must login or register in order to post a comment.



Image Galleries

2015 Ceramics Expo

Snapshots from the 2015 Ceramics Expo, April 28-30, Cleveland, Ohio. Posted: May 14, 2015.


Ceramics Expo podcast
Editor Susan Sutton discusses the upcoming Ceramics Expo with event director Adam Moore.
More Podcasts

Ceramic Industry Magazine

June 2015 ceramic industry

2015 June

This issue features our first annual Supplier of the Year Awards. Be sure to check it out!
Table Of Contents Subscribe

Daily News

We know where you find the latest ceramic industry news (ahem), but where do you catch up on the rest of your daily news?
View Results Poll Archive


M:\General Shared\__AEC Store Katie Z\AEC Store\Images\Ceramics Industry\handbook of advanced ceramics.gif
Handbook of Advanced Ceramics Machining

Ceramics, with their unique properties and diverse applications, hold the potential to revolutionize many industries, including automotive and semiconductors.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


facebook_40px twitter_40px  youtube_40pxlinkedin_40google+ icon 40px


CI Data Book July 2012

Ceramic Industry's Directories including Components, Equipment Digest, Services, Data Book & Buyers Guide, Materials Handbook and much more!