May 31 2006
Ferro Corporation announced today that it has entered into a non-binding letter of intent to divest its Specialty Plastics business unit. The sale, which is expected to close in the third quarter of 2006, is subject to negotiation of definitive agreements, due diligence, completion of information and consultation procedures with the Works Councils in Europe, as well as certain other closing conditions.
Ferro's Specialty Plastics business generated 2005 revenues of approximately $270 million. The unit develops and produces customized thermoplastic compounds and alloys, plastic colorants, gelcoats and thermoset pastes that are marketed to manufacturers in a broad range of end markets.
The Specialty Plastics unit has production facilities in the United States, Europe and Latin America; its largest facilities are in Evansville, Indiana; Stryker, Ohio; Castellon (Almazora) Spain, and Rotterdam, The Netherlands.