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Ferro to offload its Tile Coatings Business

|About: Ferro Corporation (FOE)|By:, SA News Editor

Ferro (NYSE:FOE) agrees to sell its Tile Coatings Business to Pigments Spain, for $460M in cash, with the potential for an additional $32M

Pigments Spain is a part of the Esmalglass-Itaca-Fritta group, which is a portfolio company of Lone Star Funds

The segment generated ~$510M in annual sales

The transaction will result in reduction of its manufacturing footprint and end-market exposure in Europe

Net proceeds from the sale will be used to pay down debt.

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