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News Breaks
June 4, 2014
07:31 EDTSHLM, FOEFerro 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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February 26, 2015
03:18 EDTFOEFerro acquires TherMark Holdings for $5.5M in cash
Ferro announced that it has acquired privately held TherMark Holdings for $5.5M in cash, subject to customary adjustments. TherMark is Ferro’s largest partner in the marketing of laser marking materials and also licenses technology to Ferro.
February 25, 2015
17:10 EDTFOEFerro acquires TherMark Holdings for $5.5M in cash
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17:01 EDTFOEFerro sees FX rates adversely affecting FY15 profit by 12c-14c per share
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16:59 EDTFOEFerro sees FY15 adjusted EPS 85c-90c, consensus 96c
This guidance includes a negative earnings impact of 12c-14c associated with expected changes in foreign currency rates.
16:58 EDTFOEFerro reports Q4 adjusted EPS 13c, consensus 9c
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February 24, 2015
15:29 EDTFOEGabelli reports 15.16% stake in Ferro

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