01 April 2013 16:54 [Source: ICIS news]
Ferro divested itself of Pfanstiehl Laboratories for a $16.9m (€13.2m) cash payment and an earn-out incentive payment of up to $8m, payable over two years based on attained earnings targets, Ferro said in a press release.
Also, Ferro retained certain tax benefits with an estimated value of about $5m.
Pfanstiehl Laboratories generated segment income of $2.4m in 2012, Ferro said.
The divestiture follows the company’s 6 February sale of its solar pastes assets to Germany-based precious metals and technology company Heraeus as Ferro seeks to drive earnings growth from its performance materials and chemicals businesses.
PLI Holdings is an affiliate of Med Opportunity Partners, a US-based private equity firm.
Ferro’s continued restructuring comes at a time when
($1 = €0.78)
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