Ferro Corporation, a leading global supplier of technology-based functional coatings and colour solutions, announced it has entered into a definitive agreement to be acquired by Prince International Corporation, a portfolio company of American Securities LLC, in an all-cash transaction valued at approximately 2.1 billion USD, or 12.4 times TTM Adjusted EBITDA as of March 31, 2021, including the assumption of debt, net of cash.

Under the terms of the agreement, which has been unanimously approved by the Ferro Corporation Board of Directors, Prince will acquire all of the outstanding common stock of Ferro for 22.00 USD per share in cash. The purchase price represents a 25.1 percent premium to the closing stock price on May 10, 2021 of 17.58 USD per share and a 33.8 percent premium to the 90-day volume-weighted average price.

First Quarter Continuing Operations

• Net Sales increased 14.3% to 288.4 million USD
• Net Sales increased 10.2% on a constant currency basis
• Gross Profit increased 17.8% to 95.1 million USD, Gross Profit Margin improved 100 bps to 33.0%
• Adjusted Gross Profit increased 14.7% to 97.3 million USD, Adjusted Gross Profit Margin improved 130 bps to 33.7%
• GAAP diluted EPS increased 15.8% to 0.22 USD
• Adjusted diluted EPS increased 42.3% to 0.37 USD
• Income from continuing operations increased 16.6% to 18.6 million USD
• Adjusted EBITDA increased 41.8% to 57.8 million USD, Adjusted EBITDA Margin improved 390 bps to 20.0%

As a result of the pending transaction, Ferro will not hold its first quarter 2021 earnings teleconference that was scheduled for 8:00 a.m. Eastern Time on Tuesday May 11, 2021.

Conference Call – Cancelled
Ferro will not hold its previously scheduled first quarter 2021 earnings teleconference at 8:00 a.m. EDT Tuesday May 11, 2021.