Ferro Corp. has signed a definitive agreement to acquire Barcelona-based Nubiola Pigmentos, the company announced Wednesday, April 29.
Nubiola produces specialty inorganic pigments, including one called “Ultramarine Blue.” The release said that's a “high-value pigment for plastics and construction industries due to its durability, unique color attributes and its whitening capability.”
In the release, Mayfield Heights, Ohio-based Ferro's Chairman, President and CEO Peter Thomas called Nubiola an “excellent strategic fit” that would expand the company's portfolio of products, as well as its geographic reach.
Ferro has been acquiring companies in recent months. In February, Ferro bought TherMark Holdings Inc.. And in December, it acquired Vetriceramici SpA.
Ferro is actively working to grow, the release said, noting that the company “is seeking to expand sales in emerging markets, accelerate product development efforts, and acquire businesses that build upon its leading market positions in glass-based coatings and color solutions.”
The acquisition price on a cash-free and debt-free basis is 146 million euros ($162 million). The deal with Nubiola's shareholders is expected to close in the next 60 days, the release said, and should be accretive to adjusted diluted earnings per share by 4 cents to 6 cents in 2015. Ferro said it expects that to increase to more than 15 cents in 2016.
Nubiola's annual sales in 2014 were about $119 million, in the current exchange rate, and it employs about 750 people.
In a separate news release, Thomas said the company was raising its adjusted diluted earnings guidance for 2015 to a range of 89 cents to 96 cents per share because of the acquisition.