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[November 2001]
Ferro Corp Announces Record Q3 Sales
Announced on 5 November, Ferro Corp had record sales of US$365.3 million for the quarter ended 30 September 2001. This compares with US$359.7 million for Q3 of 2000.
Chairman and CEO Hector Ortino said: "In the third quarter, we achieved a significant milestone for the Company by completing the acquisition of certain businesses of dmc2. Through this strategic acquisition, we have significantly strengthened three of our core businesses and positioned the Company for long-term growth.
"We have already made significant progress in implementing our integration plans. Programs implemented to date will produce annualized synergies of approximately $20 million, beginning in 2002. Despite a tough macroeconomic environment, we are very confident that this transaction will add significant value to the business in a relatively short period of time."
Sales in the Coatings segment were US$220.9 million, compared with US$218.9 million in Q3 of 2000. Growth from acquisitions was offset in part by weaker demand in North America and a decline in foreign currencies versus the US dollar. Segment income was US$13.3 million, compared with US$25.8 million in Q3 of 2000, reflecting weakness in US durable goods markets and electronic materials markets world-wide.
ENDS