Ferro acquires organic paints manufacturer Pinturas Benicarlo

Ferro acquires organic paints manufacturer Pinturas Benicarlo

11:02 AM, 2nd June 2016
Ferro acquires organic paints manufacturer Pinturas Benicarlo

CLEVELAND, US: Ferro Corporation has acquired organic paints manufacturer Pinturas Benicarlo SL (Pinturas). Ferro has acquired 100 percent of the equity held Pinturas for €15.0 million in cash, on a cash-free and debt-free basis.

The acquisition adds new waterborne coatings technology to Ferro’s performance colours and glass segment and provides Ferro with an entry into the painted glass container market.

Pinturas is one of the world’s largest producers of waterborne industrial paints that specialize in the niche sector of organic paints for application on glass substrates. The primary use for Pinturas’ paints is for the decoration of container glasses for perfume and cosmetic, food and beverage and other consumer products applications, where painted glass packaging communicates brand identity.

Pinturas sales, for the full-year of 2016, are expected to be approximately €7.5 million. Ferro expects that the acquisition will be accretive to 2016 adjusted earnings by approximately $0.02 per diluted share, excluding the impact of purchase accounting adjustments. With the acquisition, the company is increasing its full-year 2016 adjusted earnings guidance to $0.95 - $1.00 per diluted share.

“Pinturas and Ferro share similar market approaches. We are close to our customers and take pride in our ability to quickly and effectively service their needs by providing highly formulated products and technical solutions. We are very pleased to add Pinturas to the Ferro portfolio and are looking forward to working with the Pinturas management team to expand its market reach and continue its tradition of market success,” said Peter Thomas, chairman, president and CEO of Ferro Corporation.

© Worldofchemicals News


Read the latest news from Ferro:

Ferro acquires Ferer; strengthens position in Turkey

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