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[March 2008]
Ferro Announces Purchase Agreement for Rotterdam Site
Ferro Corporation (Cleveland, OH, USA) has just announced that it has entered into an agreement to sell certain property rights related to the company's porcelain enamel frit manufacturing facility in Rotterdam, The Netherlands, to Brix Houwelingen Projecten XVIII BV for approximately €2.9 million (around US$4.5 million at current exchange rates).
The sale is expected to close in the fourth quarter of 2008 after receipt of certain conditions precedent, including local government consents and completion of the buyer's environmental survey of the property.
Ferro announced on 2 November 2007 its intention to discontinue manufacturing of porcelain enamel frit at the Rotterdam location during 2008 and to consolidate the production at other Ferro locations.
Headquartered in Cleveland, Ohio, Ferro now has approximately 6,300 employees globally and reported 2007 sales of US$2.2 billion.
ENDS