The Federal Trade Commission announced on Thursday that chemical and additive company Prince International Corp. has agreed to unload a facility in Alabama, in addition to two being sold in Europe, before moving ahead with its planned $2.1 billion purchase of Ferro Corp.
The Mayfield Heights-based coatings producer on Thursday, April 21, said its acquisition by mineral and chemicals company Prince International Corp. has closed. Prince paid $22 per share in the $2.1 billion, all-cash deal. In turn, Prince and Ashtabula-based Chromaflo Technologies both part of private equity firm American Securities along with Ferro are being combined into a business called Vibrantz Technologies, with more than 5,400 employees worldwide.