CLEVELAND--(BUSINESS WIRE)--Ferro Corporation (NYSE: FOE) (the Company), a leading global supplier of technology-based functional coatings and color solutions, today announced it has entered into a definitive agreement to be acquired by Prince International Corporation, a portfolio company of American Securities LLC, in an all-cash transaction valued at approximately $2.1 billion, or 12.4 times TTM Adjusted EBITDA as of March 31, 2021, including the assumption of debt, net of cash. Under the terms of the agreement, which has been unanimously approved by the Ferro Corporation Board of Directors, Prince will acquire all of the outstanding common stock of Ferro for $22.00 per share in cash. The purchase price represents a 25.1% premium to the closing stock price on May 10, 2021 of $17.58 per share and a 33.8% premium to the 90-day volume-weighted average price.
First Quarter Continuing Operations *:
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Net Sales increased 14.3% to $288.4M |
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Net Sales increased 10.2% on a constant currency basis |
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Gross Profit increased 17.8% to $95.1M, Gross Profit Margin improved 100 bps to 33.0% |
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Adjusted Gross Profit increased 14.7% to $97.3M, Adjusted Gross Profit Margin improved 130 bps to 33.7% |
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GAAP diluted EPS increased 15.8% to $0.22 |
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Adjusted diluted EPS increased 42.3% to $0.37 |
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Income from continuing operations increased 16.6% to $18.6M |
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Adjusted EBITDA increased 41.8% to $57.8M, Adjusted EBITDA Margin improved 390 bps to 20.0% |
As a result of the pending transaction, Ferro will not hold its first quarter 2021 earnings teleconference that was scheduled for 8:00 a.m. Eastern Time on Tuesday May 11, 2021.
*Comparative information is relative to prior-year first quarter Continuing Operations.
About Ferro Corporation – Ferro Corporation (www.ferro.com) is a leading global supplier of technology-based functional coatings and color solutions. Ferro supplies functional coatings for glass, metal, ceramic and other substrates and color solutions in the form of specialty pigments and colorants for a broad range of industries and applications. Ferro products are sold into the building and construction, automotive, electronics, industrial products, household furnishings and appliance markets. The Company’s reportable segments include: Functional Coatings and Color Solutions. Headquartered in Mayfield Heights, Ohio, the Company has approximately 3,700 associates globally and reported 2020 sales of $959 million.
Conference Call - Canceled
Ferro will not hold its previously scheduled first quarter 2021 earnings teleconference at 8:00 a.m. EDT Tuesday May 11, 2021.
