CLEVELAND, US: Ferro Corporation said that it has completed the acquisition of Belgium-based Cappelle Pigments, a leader in speciality, high-performance inorganic and organic pigments used in coatings, inks and plastics.
The transaction is valued for €50.5 million on a cash-free and debt-free basis. And funded through excess cash and borrowings under the company’s existing revolving credit facility.
Cappelle is a 125-year-old premium pigment producer and a market leader in inorganic pigments. Cappelle's pigments complement Ferro’s market leadership positions in complex inorganic coloured pigments (CICPs) and Ultramarine Blue pigments.
Cappelle has a strong reputation in Bismuth Vanadates, offering yellow, orange and red shade varieties, which provide an environmentally friendly alternative to lead chromates in high-performance applications. Cappelle's organic pigments offer superior heat, light and environmental wear resistance.
“This transaction strengthens our colour solutions business by facilitating our expansion into the high-performance, speciality organic pigment market and complementing our inorganic pigment portfolio,” said Peter Thomas, chairman, president and CEO of Ferro.
“This will significantly expand our addressable market for pigments and increase sales in our pigments, powders and oxides (PPO) business by approx $70 million,” added Peter Thomas.
Read More: Ferro completes acquisition of Belgian pigments’ manufacturer
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