Prince completes the acquisition of Ferro
Prince International Corporation, a portfolio company of American Securities, has announced the completion of its acquisition of Ferro Corporation. Prince paid UDS 22.00 (ca. EUR 20.85) per share in an all-cash transaction valued at approximately USD 2.1 billion (ca. EUR 1,99 billion).
In conjunction with the closing of the transaction, the company will also combine with Chromaflo Technologies, a global provider of colorant technology solutions and also an American Securities portfolio company. The new company, renamed Vibrantz Technologies Inc., will be headquartered in Houston, Texas, and is intended to become a global, diversified technology leader in advanced materials, colour solutions and performance coatings with sales of approximately USD 2 billion (ca EUR 1,9 billion). The newly combined company employs approximately 5,400 people and operates 63 manufacturing sites across six continents.
“Strong material science and technology expertise”
“I want to thank our employees who have worked so hard to get to this momentous occasion,” said D. Michael Wilson, president and chief executive officer at Vibrantz Technologies. “By combining Prince, Ferro and Chromaflo – all leaders in their own right – we have leading positions in highly attractive markets. We will be a company with strong material science and technology expertise to drive faster innovation, and our greater scale broadens our global footprint, enhancing our customer reach and giving us greater operational resilience. We have pulled leadership talent from all three companies to form a highly qualified management team.”
