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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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August 13, 2014
07:58 EDTFOEFerro management to meet with Deutsche Bank
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August 11, 2014
06:54 EDTSHLMJefferies to hold a conference
2014 Global Industrials Conference to be held in New York on August 11-14.

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