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Ferro Announces Purchase Agreement for Rotterdam Site
March 26, 2008
Ferro Corporation announced today that it has entered into an agreement to sell certain property rights related to the Company's porcelain enamel frit manufacturing facility in Rotterdam, The Netherlands, to Brix Houwelingen Projecten XVIII B.V. for approximately 2.9 million Euro (approximately $4.5 million at current exchange rates). The sale is expected to close in the fourth quarter of 2008 after receipt of certain conditions precedent, including local government consents and completion of the buyer's environmental survey of the property. Ferro announced on November 2, 2007, its intention to discontinue manufacturing of porcelain enamel frit at the Rotterdam location during 2008 and to consolidate the production at other Ferro locations. Source: Ferro CorporationLatest News
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