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September 22, 2014
By: KERRY PIANOFORTE
Editor, Coatings World
Ferro Corporation has signed a definitive agreement with Milan, Italy-based Private Equity Funds’ Management Company Star Capital SGR S.p.A. and two minority owners and founders Gianfranco Padovani and Sergio Zannoni to acquire Casola Valsenio, Italy-based Vetriceramici S.p.A. for €83 million (approximately $108 million) in cash. The transaction will be funded with excess cash and a draw on the Company’s existing revolving credit facility and is expected to close by December 1, 2014, subject to customary closing conditions. Vetriceramici is one of the leading suppliers of ceramic coatings to high-end tile manufacturers. Vetriceramici had July 2014 trailing twelve month sales of approximately €53 million, and over the last three fiscal years achieved compounded annual sales growth of 9.3 percent. Vetriceramici operates manufacturing facilities in Italy and Mexico, a mixing plant in Poland and research and development and sales offices in Italy and Turkey. The transaction is expected to be accretive to Ferro’s adjusted diluted earnings per share by $0.12 to $0.14 in 2015. Based on estimated July 2014 trailing twelve month EBITDA and expected synergies, the acquisition purchase price of $108 million represents a transaction multiple of 4.9X. Vetriceramici is one of the leading global suppliers of specialty products that enhance the appearance and improve the durability of high-end ceramic tile. Its product line includes high-value, specialty frits and grits (finely-milled frits), glazes, digital inks, and other specialized tile coatings. Additionally, Vetriceramici has developed high-value forehearth color solutions that deliver greater production flexibility, lower manufacturing costs and improved inventory management to customers. The acquisition is expected to improve Ferro’s growth opportunities by enhancing its product portfolio and improving its position in important growth markets, including the United States, Mexico, Turkey and Eastern Europe.
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