Lone Star-backed Esmalglass-Itaca-Fritta completed the acquisition of tile coatings business of Ferro for $492m.

Lone Star-backed Esmalglass-Itaca-Fritta, which manufactures and markets ceramic products, completed the acquisition of the tile coatings business of Ferro, a global supplier of technology-based functional coatings and color solutions, for $460m in cash, with the potential for an additional $32m in cash based on the performance of the business. "This transaction will substantially advance the Dynamic Innovation and Optimization phase of our strategy and strengthen our balance sheet. It will result in a Ferro more fully focused on higher-growth industries where our market-leading technology, innovation, and customer-centric service generate higher gross margins. The transaction also will reduce our manufacturing footprint and end-market exposure in Europe, optimizing our portfolio with a more equal balance between Europe and the rest of the world and with less exposure to commercial and residential construction markets," Peter Thomas, Chairman, Ferro President, and CEO.