Ferro to Sell Specialty Plastics Arm

Wind Point Partners is the buyer.
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Ferro (FOE) - Get Report reached a definitive agreement to sell its specialty plastics business to Wind Point Partners, a private equity investment firm.

The sale is scheduled to close in the third quarter, the Cleveland-based company said.

The terms of the transaction were not disclosed.

Ferro is planning to use the sale proceeds to reduce outstanding debt.

"We are focused on transforming Ferro into a high-performance company, both operationally and financially," the company said. "Our new management is moving aggressively to drive profitability and to position our operations for accelerated growth in new geographic and customer end markets."

The company's shares were trading at $16.76, down 19 cents Monday.

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