Ferro Corporation has finalized the acquisition of 100% of Pinturas Benicarló for a total of 15 million euros, on a debt-free basis. The transaction is subject to working capital and other adjustments.
With this acquisition, the company headquartered in Cleveland (Ohio, United States) expands its portfolio with the new waterborne coatings technology and gains access to the painted glass container market.
Pinturas Benicarló is one of the world’s largest producers of waterborne industrial paints that specializes in the niche sector of organic paints for application on glass substrate. Its primary use is for container glasses for perfume, cosmetics, food, beverages and other consumer product applications, where painted glass packaging communicates brand identity. The Spanish company also offers its customers specialized product solutions.
Pinturas Benicarló's sales for 2016 are expected to be 7.5 million euros, which will contribute to increasing Ferro's profit per share.
According to Peter Thomas, CEO of Ferro, “Pinturas Benicarló is an excellent strategic fit as a market leader in the highly fragmented niche segment. Total sales of organic coatings for container glass are estimated to be approximately 100 million dollars annually. We believe the combination of Pinturas Benicarló's product offering and our significant market position in glass coatings and broad geographic reach will be highly synergistic”.
Last updated: 29|06|2016