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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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September 23, 2014
10:02 EDTFOEOn The Fly: Analyst Upgrade Summary
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07:29 EDTFOEFerro upgraded at KeyBanc
As previously reported, KeyBanc upgraded Ferro to Buy from Hold. The firm upgraded shares based on sustainable execution and earnings growth and raised estimate to reflect the acquisition of Vetriceramici and cost savings. Price target is $20.
06:26 EDTFOEFerro upgraded to Buy from Hold at KeyBanc
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September 21, 2014
18:23 EDTFOEFerro acquires Vetriceramici S.p.A. for $108M in cash
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