Ferro completes acquisition inorganic pigments maker Nubiola

Ferro completes acquisition of inorganic pigments maker Nubiola

7:29 AM, 8th July 2015
Ferro completes acquisition of inorganic pigments maker Nubiola

CLEVELAND, US: Ferro Corporation said that it has completed the acquisition of Nubiola Pigmentos on a cash-free and debt-free basis for €149 million (approx $165 million). The acquisition was previously announced on 29 April.

The acquisition is expected to be accretive to Ferro’s adjusted diluted earnings per share by $0.04 to $0.06 in 2015 and by more than $0.15 in 2016, Ferro said.

Nubiola is a worldwide producer of specialty inorganic pigments and the world’s largest producer of Ultramarine Blue, a pigment for the plastics and construction industries, highly valued for its durability, unique colour attributes and whitening capability. Nubiola employs approximately 750 people around the world, including temporary employees, and has production facilities in Spain, Colombia, Romania, and India and a joint venture in China.

“We are excited about the Nubiola acquisition and the opportunities it provides to enhance our current position in inorganic pigments, and accelerate our strategy to become a leading global functional coatings and colour solutions company,” said Peter Thomas, chairman, president and CEO, Ferro.

“Nubiola has better profit margins, stronger market position and more synergies with our core glass-based coatings and colour solutions. Nubiola gives us a more diverse pigments portfolio and nearly doubles the size of our colour solutions business platform. We continue to actively pursue a number of other transactions to build out our three business segments,” he added.

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