The sale included Ferro’s entire borate mining and processing operations located in the Jujuy province of Argentina. The divestiture was effected through the sale of 100% of the stock of both Procesadora de Boratos Argentinos S.A. and of Minera Loma Blanca S.A. to a local Argentina-based investor and includes a five year agreement to supply borate minerals between the buyer and Ferro.
“This transaction represents another important step in the realignment of our asset portfolio as we accelerate productivity initiatives focused on our core businesses,” said Jim Kirsch, CEO of Ferro. Added Kirsch, “Fredericks Michael & Co. was instrumental in providing clear, consistent advice in a challenging macro political-economic environment while running a competitive process; and in structuring, executing and pushing to close a transaction whose results exceeded our expectations.”
About Ferro Corporation
Ferro Corporation is a leading global supplier of technology-based performance materials for manufacturers. Ferro materials enhance the performance of products in a variety of end markets, including electronics, solar energy, telecommunications, pharmaceuticals, building and renovation, appliances, automotive, household furnishings and industrial products.
Headquartered in Mayfield Heights, Ohio, the Company has approximately 5,100 employees globally and reported 2011 sales of $2.2 billion. For more information, please visit www.ferro.com
