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Ferro Reports Closing of Fine Chemicals Business Sale

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Ferro Corporation announced that the U.S. portion of the sale of its Fine Chemicals business to Novolyte Technologies LP, an affiliate of Arsenal Capital Management LP, has closed.

The Fine Chemicals business was sold for $60 million in cash. A portion of the proceeds will be held in escrow until the completion of an equity transfer related to the business’ manufacturing facilities in Suzhou, China. The equity transfer of Ferro Suzhou is subject to certain conditions, including government approval of the equity transfer in China and the receipt of certain permits or licenses. The equity transfer is expected to be completed by the end of 2008.

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