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[August 2000]
Ferro completes sale of flame retardants business
Ferro Corporation has announced that it has completed the previously announced sale of its PYRO-CHEK® flame retardant business, along with a plant at Port-de-Bouc, France, to Albemarle Corporation, a global supplier of flame retardants and other specialty chemicals.
Hector R. Ortino, Ferro chairman and chief executive officer, stated, "This divestiture supports our strategy to reposition our portfolio of businesses. Our goal is to build stronger businesses in core product lines and sell non-core assets. With our recent acquisition of Solutia's polymer modifiers business and the completion of the sale of PYRO-CHEK, we have taken actions to significantly upgrade our chemical segment's business portfolio."
Ferro will keep the Keil Chemical plant site in Hammond, Indiana associated with this business but has ceased PYRO-CHEK production there. The Keil facility in Hammond will continue to produce its main product line of petroleum additives.
Ferro Corporation is a major international producer of performance materials for industry, including coatings, chemicals and plastics. The Company has operations in 18 countries and recorded sales of $1.36 billion in 1999.
For more information on Ferro, visit the Company's Web site at www.ferro.com.
ENDS