19 December 2014
DETAILS
announced today that it has completed
the sale of the majority of the assets of
its Polymer Additives business to
Polymer Additives, Inc.,
a wholly owned portfolio company of
for approximately $154 million in cash,
subject to customary working capital and
other purchase price adjustments.
Assets included in the transaction are
* the Company’s four plants in the United States,
* its manufacturing operation in Newport, United Kingdom,
* certain assets at the Company’s former Baton Rouge,
Louisiana plant and
* its polymer additives research and development lab
in Independence, Ohio.
The sold U.S. manufacturing sites are located
in the following communities:
* Bridgeport, New Jersey
* Cleveland, Ohio
* Fort Worth, Texas
* Walton Hills, Ohio
The Company estimates that cash proceeds,
net of cash income taxes and fees, from the sale
will be approximately $143 million,
which it plans to use primarily to
repay debt under its revolving credit facility and to
fund strategic growth opportunities.
The asset sale closed concurrently with
the signing of the asset purchase agreement.
The Company was advised on the transaction by
KeyBanc Capital Markets Inc. and Jones Day.
Excluded from this transaction are
the Company’s Europe-based Polymer Additives assets,
including
* the Antwerp, Belgium dibenzoates manufacturing assets,
* and related Polymer Additives European headquarters and
lab facilities.
These assets are currently being marketed.
Ferro sold
its North America Polymer Additives business
on December 19, 2014.
The business now operates under the name
Valerus Specialty Chemicals.
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