Ferro Corp. recently announced that its pending acquisition of certain dmc2
businesses from OM Group, Inc. is on track to close during the third quarter of 2001.The company reported that the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvement Act expired on July 30, 2001, allowing Ferro to proceed with the acquisition. "We are very pleased that the FTC has not required additional information, because it is a positive sign indicating that the transaction should close during the third quarter," Hector Ortino, Ferro's chairman and CEO, commented. "The dmc2
businesses we are acquiring are highly complementary to our existing core businesses and will generate significant synergies. The acquisition will accelerate our long-term strategic plan to expand geographically and to create a portfolio of businesses with a higher growth profile. It will also allow us to achieve greater critical mass in several key businesses."
Under the terms of the agreement, Ferro will purchase the electronic materials, performance pigments, glass systems and Cerdec ceramics businesses of dmc2. Annual sales for these businesses were approximately $520 million in 2000.
For more information, call (216) 875-7107 or visit http://www.ferro.com.