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Stock Market & Financial Investment News

News Breaks
June 4, 2014
07:31 EDTFOE, SHLMFerro to sell Specialty Plastics unit to A. Schulman for $91M in cash
Ferro Corporation (FOE) announced three strategic actions to advance its value creation strategy. The company said it has reached a definitive agreement to sell substantially all of the assets in its Specialty Plastics business to A. Schulman (SHLM) for $91M in cash. Assets included in the transaction are Ferro’s plastics manufacturing sites in Stryker, Ohio; Evansville and Plymouth, Indiana; Carpentersville, Illinois; and its plastics operations in Castellon, Spain. Specialty Plastics assets not included in the sale are Ferro’s liquid colorants and dispersions business in Edison, New Jersey, and its Specialty Plastics operations in Venezuela. The company estimates that cash proceeds, net of cash taxes and fees, from the sale of the Specialty Plastics assets will be approximately $87M, which it plans to use to reduce debt. The sale is subject to customary closing conditions, including consultation with workers’ representatives. The transaction is expected to close early in the third quarter of 2014. The company is being advised on the Specialty Plastics transaction by Lazard and Jones Day. In addition, Ferro said it has launched a process to market its Polymer Additives business and has retained KeyBanc Capital Markets to advise on the transaction.
News For FOE;SHLM From The Last 14 Days
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October 16, 2014
16:31 EDTSHLMA. Schulman increases quarterly dividend 2.5% to 20.5c
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October 14, 2014
05:44 EDTSHLMA. Schulman, INITZ form strategic alliance
A. Schulman announced that it has signed an agreement and a strategic partnership with the South Korean polymer producer INITZ for the compounding and marketing of INITZ Co., Ltd.'s ECOTRAN Polyphenylene Sulfide, or PPS, compounds. A. Schulman will be producing, selling and distributing the ECOTRAN compounds in Europe, the Middle East, Africa and the Americas. INITZ is a joint venture of SK Chemicals, Korea and Teijin, Japan. Through this strategic partnership, INITZ and A Schulman are committed to becoming a global leader in PPS with the ECOTRAN brand, serving customers' needs across a diverse range of markets.

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