Ferro Completes Electronic Materials Restructuring Program; Sells Niagara Falls Manufacturing Facility
Tuesday December 11, 9:19 am ET
CLEVELAND--(BUSINESS WIRE)--Ferro Corporation has completed the previously announced restructuring of its Electronic Materials Systems operations in the United States. The restructuring included transfer of dielectric materials manufacturing from the Company’s production facilities in Niagara Falls, New York, to existing Ferro facilities in Penn Yan, New York and Uden, The Netherlands.
As part of the restructuring program, Ferro sold its Niagara Falls manufacturing site and certain industrial ceramics product lines that were based at the Niagara Falls site to TAM Ceramics LLC, an affiliate of All-American Holdings LLC.
“We completed the restructuring program on schedule and we continue to estimate annual savings of $7 million to $8 million in 2008 as a result,” said Barry Russell, Vice President of Ferro Electronic Material Systems. “We are pleased to reach agreement for the sale of the Niagara Falls manufacturing facility and industrial ceramics products.”
About Ferro Electronic Material Systems
Ferro Electronic Material Systems has locations in Vista, CA; Penn Yan, NY; South Plainfield, NJ; Cleveland, OH; Haverhill, United Kingdom; Uden, The Netherlands; Hanau, Germany; Tsukuba, Japan; and Suzhou, China. Its products include advanced packaging and thick film conductors; metal pastes and powders for solar energy applications; chemical mechanical planarization (CMP) slurries for semiconductors and advanced integrated circuits; dielectrics used in chip components and multilayer ceramic capacitors (MLCC); and surface finishing materials for LCD, hard disk, and ophthalmic polishing.
Ferro Corporation is a leading global supplier of technology-based performance materials for manufacturers. Ferro materials enhance the performance of products in a variety of end markets, including electronics, telecommunications, pharmaceuticals, building and renovation, appliances, automotive, household furnishings, and industrial products.
Headquartered in Cleveland, Ohio, the Company has approximately 6,700 employees globally and reported sales of $2.0 billion in 2006.
All-American Holdings LLC, headquartered in Atlanta, Georgia, is a private equity fund focused on buying manufacturers both domestically and abroad. The vast majority of its acquisitions are division or subsidiary spin-offs of Fortune 2000 companies. All-American focuses on quickly buying and restoring the health of its acquired businesses. All-American is managed by successful private equity professionals and operating executives with a combined 140 plus years of operating experience and well over 150 acquisitions/investments completed.
Source: Ferro Corporation
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