Dec 12 2007
Ferro Corporation has completed the previously announced restructuring of its Electronic Materials Systems operations in the United States. The restructuring included transfer of dielectric materials manufacturing from the Company's production facilities in Niagara Falls, New York, to existing Ferro facilities in Penn Yan, New York and Uden, The Netherlands.
As part of the restructuring program, Ferro sold its Niagara Falls manufacturing site and certain industrial ceramics product lines that were based at the Niagara Falls site to TAM Ceramics LLC, an affiliate of All-American Holdings LLC.
"We completed the restructuring program on schedule and we continue to estimate annual savings of $7 million to $8 million in 2008 as a result," said Barry Russell, Vice President of Ferro Electronic Material Systems. "We are pleased to reach agreement for the sale of the Niagara Falls manufacturing facility and industrial ceramics products."