Ceramic Industry News / Raw and Processed Materials

Ferro Sells Powders and Flakes Product Lines

November 7, 2013

Ferro Corp. recently announced it has completed the sale of its precious metals-based powders and flakes product lines in North America and Asia to Ames Advanced Materials Corp., a wholly-owned subsidiary of Ames Goldsmith Corp., a producer of precious metal products. The transaction includes the manufacturing assets of the company’s South Plainfield, N.J., facility, including associated inventory. In addition, it also includes the assets of the company’s precious metals powders and flakes business line in Tsukuba, Japan. Through September 2013, these precious metals powders and flakes operations had value-added sales of approximately $23 million.

In addition to the asset sale, Ferro and Ames also entered into a seven-year supply agreement. Through the supply agreement, Ferro reportedly secures a reliable source of key raw materials for its downstream businesses while protecting its cost position.

The net cash proceeds from the sale were approximately $13 million. In addition, Ames provided Ferro with precious metals valued at approximately $43 million to satisfy its outstanding precious metal lease obligations.

“The sale of these assets is a result of our continuing business and asset portfolio evaluation process and the harvesting of underperforming and non-core businesses,” said Peter Thomas, president and CEO of Ferro. “This transaction allows us to redeploy assets into attractive growth opportunities. While the transaction will reduce projected value-added sales for the fourth quarter of 2013, we are not modifying our prior adjusted earnings guidance.”

The Ferro South Plainfield site and its approximately 160 employees join Ames as part of the transaction. The Ferro Tsukuba site and its employees will reportedly remain with Ferro.

For more information, visit www.ferro.com or www.amesgoldsmith.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.

Multimedia

Videos

Image Galleries

In-Depth Features

These articles detail innovative advanced ceramic and glass materials and technologies.

Podcasts

Sapphire: An Extreme Performer

Ian Doggett of Goodfellow and CI Editor Susan Sutton discuss the benefits and opportunities provided by industrial sapphire.

More Podcasts

THE MAGAZINE

Ceramic Industry Magazine

CI April 2014 cover

2014 April

Our April issue features details on advanced materials such as ceramic matrix composites and piezoelectric ceramics, among many others. Be sure to check it out!

Table Of Contents Subscribe

THE CERAMIC INDUSTRY STORE

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.

Directories

CI Data Book July 2012

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

STAY CONNECTED

facebook_40px twitter_40px  youtube_40pxlinkedin_40