Mayfield Heights-based Ferro Corp. announced two moves that it says will strengthen the coating and color products supplier’s ceramic coatings business.
Ferro has agreed to acquire Endeka Group and has already acquired a majority interest in Gardenia Quimica, both ceramic tile market suppliers headquartered in Spain, according to a news release. The acquisition of majority interest in Gardenia Quimica was completed Aug. 3. The release stated that this took Ferro from a minority position to a majority one in the 26-employee company.
The about €64 million, or about $75 million, acquisition of Endeka is still in progress and is expected to be completed in the fourth quarter of 2017, the release stated. Endeka makes “frits and glazes, digital inks and colors” for the ceramics industry and employs about 340, the release said.
“Over the past few years, we have moved our tile-oriented portfolio up the value chain, focusing on the high end of the market. At the same time, we have driven operating efficiencies and product innovation to ensure that our customers receive the highest quality products and services,” said Peter Thomas, chairman, president and CEO of Ferro, in the release. “Endeka Group and Gardenia Quimica complement our previously announced acquisition of SPC, a high-end tile coatings manufacturer based in Italy. These businesses allow Ferro to deliver more innovative products to the highest end of the global tile market.”
By Rachel Abbey McCafferty
Source: Crain’s Cleveland Business
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