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Ferro Acquires Egyptian Tile Coatings Manufacturer
Ferro Corporation/US has signed a definitive agreement with the shareholders of the Egypt-based manufacturer Al Salomi for Frit and Glazes to acquire 100 % of the equity of Al Salomi on a cash-free and debt-free basis, for approximately USD 39 million in cash, subject to working capital and other customary adjustments.
Al Salomi for Frit and Glazes, headquartered in Cairo/ET, is one of the leading manufacturers of frits and glazes in the Middle East and North Africa, a very attractive tile market. Its 5600-m2 production facility, located in the Suez industrial zone, north of the Gulf of Suez, is state-of-the-art including continuous furnaces and computerized production lines. The plant is expected to be one of Ferro’s lowest cost frit production sites. Current production capacity is 55 000 t/a, approximately 150 employees recorded 2014 sales of EGP 169 million. An additional two lines, or 12 000 t/a, of new tile coatings capacity is under construction and due to be operational by the end of 2015. The plant, which will be Ferro’s second frit production facility in Egypt, includes additional land and certain infrastructure assets to support expected growth.
