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Prince International Closes USD 2.1bn Acquisition of Ferro Corp.

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Vincent

MANews-(C)2009-2022

US-based specialty products provider Prince International Corp has closed the acquisition of US-based coatings and color solutions supplier Ferro Corp. (NYSE: FOE), the company said.

Under the terms of the transaction, Ferro shareholders are entitled to receive USD 22.00 in cash, without interest and less any applicable withholding taxes, for each share of Ferro common stock that they own immediately prior to the completion of the merger.

As a result of the completion of the acquisition, Ferro's common stock will cease trading on the NYSE.

In conjunction with the transaction closing, Prince will combine with Chromaflo Technologies Corp., a premier global provider of colorant technology solutions.

The combined companies will be rebranded as Vibrantz Technologies Inc., a leading global, diversified technology leader in color solutions, performance coatings and advanced materials with sales of more than USD 2bn.

Ferro Corp is a supplier of technology-based functional coatings and color solutions. Ferro supplies functional coatings for glass, metal, ceramic and other substrates and color solutions in the form of specialty pigments and colorants for a broad range of industries and applications.

Ferro products are sold into the building and construction, automotive, electronics, industrial products, household furnishings and appliance markets.

The company's reportable segments include: Functional Coatings and Color Solutions.

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