Ferro grows its Turkey market

Ferro Corporation announced that it has purchased 100% of the equity of privately held Istanbul-based Ferer Dis Ticaret Ve Kimyasallar Anonim Sirketi A.S. for approximately US$9.0M in cash, on a cash-free and debt-free basis, subject to working capital and other adjustments. The transaction will be funded with excess cash and a draw on the company’s revolving credit facility.

The acquisition of Ferer is the third step Ferro has taken in the past 18 months to strengthen its position in the fast-growing Turkey market. In July 2014, Ferro acquired assets of a reseller of Ferro porcelain enamel products in Turkey, providing a commercial base for direct marketing and sales opportunities. In November 2015, Ferro completed the acquisition of Egypt-based tile coatings manufacturer Al Salomi for Frit and Glazes, adding production capacity to meet current and future demand in Turkey, as well as other markets in the Middle East and North Africa. Now, the Ferer acquisition brings Ferro an operational presence in Turkey focused on the glass market.