As previously announced, on May 11, 2021, PMHC II, Inc., an affiliate of Prince, entered into a definitive agreement to acquire all of the outstanding common stock of Ferro Corporation for 22.00 USD per share in cash, resulting in a transaction valued at approximately 2.1 billion USD.
Prince is exploring a sale of the porcelain enamel and glass coatings business in connection with its efforts to obtain regulatory clearance required to complete the Ferro transaction. The Ferro transaction is subject to customary closing conditions and is anticipated to close in the first quarter of 2022.
The porcelain enamel and glass coatings business in the U.S. and Europe is the second-largest producer of porcelain enamel globally and a major player in glass coatings. With over 110 years of expertise in frit production and glass technology—a key ingredient for porcelain enamel and glass coatings — this business serves niche, differentiated end uses such as home appliances, cookware, and automotive; it operates three state-of-the-art facilities across North America and Europe and caters to a diverse portfolio of global blue-chip customers. With a strong growth and margin profile, the business exhibits strong cash flow generation supported by a favourable macroeconomic backdrop.
“Prince is exploring a sale of our porcelain enamel and glass coatings business, a recognized industry leader with well-tended, long-term customer relationships driven by trusted innovative product offerings and high quality customer service,” said D. Michael Wilson, Chief Executive Officer of Prince. “We are focused on a seamless execution of this sale process as part of the broader Ferro acquisition and will pursue the best path forward to benefit Prince, its stakeholders, and the Business.”
Prince has retained Barclays Investment Bank as its financial advisor to assist in the sale process.