Ferro Corp. (FOE) Announces Acquisition of Istanbul-Based Ferer

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Go back to Ferro Corp. (FOE) Announces Acquisition of Istanbul-Based Ferer

Ferro Announces Acquisition to Further Strengthen Its Position in Fast-Growing Turkey Market

January 5, 2016 4:07 PM EST

CLEVELAND--(BUSINESS WIRE)-- Ferro Corporation (NYSE: FOE, Company) announced today that it has purchased 100% of the equity of privately held Istanbul-based Ferer Dis Ticaret Ve Kimyasallar Anonim Sirketi A.S. (Ferer) for approximately $9.0 million in cash, on a cash-free and debt-free basis, subject to working capital and other adjustments. The transaction will be funded with excess cash and a draw on the Companys revolving credit facility.

The acquisition of Ferer is the third step Ferro has taken in the past 18 months to strengthen its position in the fast-growing Turkey market. In July 2014, Ferro acquired assets of a reseller of... More