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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 27, 2014
16:46 EDTFOEFerro sees value-added sales for Q4 flat vs. prior year levels
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16:43 EDTFOEFerro sees FY14 adjusted EPS at high end of 52c-57c range, consensus 59c
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16:42 EDTFOEFerro reports Q3 adjusted EPS 16c, consensus 14
Reports Q3 revenue $276M, consensus $282.06M.
October 22, 2014
16:21 EDTSHLMA. Schulman sees FY15 adjusted EPS $2.60-$2.65, consensus $2.60
Bernard Rzepka, COO, stated, "With 10 acquisitions in the past four years and our numerous value-added organic growth initiatives, we continue to aggressively drive profits. We are actively focusing on pricing, cross-selling, attractive markets and driving profitable new products. Through our acquisition strategy, we will continue to expand our footprint, engage new customers and strengthen our ability to serve local and global customers. In combination, we believe we can be successful despite weak macroeconomic conditions especially in Europe. As we continue to focus on execution, we expect this progress to continue in FY15."
16:20 EDTSHLMA. Schulman reports Q4 EPS 52c, consensus 64c
Reports Q4 revenue $627.4M, one estimate $600.3M.
15:30 EDTSHLMNotable companies reporting after market close
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08:04 EDTSHLMA. Schulman to reduce headcount in EMEA by 40 employees
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