On June 1, Ferro Corporation announces completion of acquisition of Pinturas Benicarl ó, S.L. ("Pinturas"), € 15 million in cash to buy Pinturas Benicarl ó 100% shares.
By completing a purchase after Pinturas Benicarlo, Ferro will extend its waterborne paint technology and product portfolio into stained glass container market.
Pinturas is the largest in the world, specializing in niche applications of organic pigments in glass substrate-borne industrial coatings manufacturers. Pinturas gives some of the biggest international glass manufacturer and processor service. Pinturas coating is used for decorative glass containers, such as glasses, perfume, cosmetics, food and beverages and other consumer products.
Pinturas2016 annual sales are expected to reach around 7.5 million euros. Ferro expects the acquisition will increase by between 2016 and adjusted diluted earnings per share of about 0.02 dollars, regardless of the impact of purchase accounting adjustments. After the acquisition, the company added 2016 year adjusted earnings of $ 0.95-1.00 a share.
Ferro, Chairman and Chief Executive Peter?, Thomas said, "on the glass market, Pinturas is a good strategic partner. Pinturas and Ferro have similar market approach. Can be quickly and effectively to provide customers with highly developed products and technology solutions. We are pleased that Pinturas joined Ferro, we believe Pinturas combinations of products and our significant market positions, glass coatings and broad geographical scope will be highly synergistic. ”
