European coatings announced that Prince International Corporation, a portfolio company of American Securities, has completed its acquisition of Ferro Corporation. Prince international paid UDS 22.00 (ca. EUR 20.85) per share in an all-cash transaction valued at approximately USD 2.1 billion (ca. EUR 1,99 billion). While concluding this transaction it understood that the company will also combine with Chromaflo Technologies, an American securities portfolio company and a global provider of colorant technology solutions. The new company so formed will be called Vibrantz Technologies Inc. and its headquarters in Houston, Texas, and is intended to become a global, diversified technology leader in advanced materials, colour solutions and performance coatings with sales of approximately USD 2 billion (ca EUR 1,9 billion). The combined new company already employs approximately 5,400 people and operates 63 manufacturing sites across six continents.
“Strong material science and technology expertise”
“I want to thank our employees who have worked so hard to get to this momentous occasion,”“By combining Prince, Ferro and Chromaflo – all leaders in their own right – we have leading positions in highly attractive markets. said D. Michael Wilson, president and chief executive officer at Vibrantz Technologies. We will be a company with strong material science and technology expertise to drive faster innovation, and our greater scale broadens our global footprint, enhancing our customer reach and giving us greater operational resilience. We have pulled leadership talent from all three companies to form a highly qualified management team.”
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