Prince International, Ferro to Divest Three Facilities as FTC Requirement
April 21 2022 - 10:23AM
Dow Jones News
By Isaac Taylor
Prince International Corp. and Ferro Corp. will divest three
facilities used to make porcelain enamel frit and glass enamel as
part of a requirement from the U.S. Federal Trade Commission.
The FTC action follows plans by American Securities Partners
VII, L.P., Prince's parent company, to acquire competitor Ferro for
$2.1 billion.
Porcelain enamel frit is a glass-based product that is essential
for heat-, scratch- and corrosion-resistant coatings for
appliances.
Ferro's shareholders voted to approve its acquisition in
September 2021 and the European Union Commission approved the
acquisition in January of this year.
Prince is a subsidiary of private-equity firm American
Securities Partners.
Write to Isaac Taylor at isaac.taylor@wsj.com
(END) Dow Jones Newswires
April 21, 2022 10:08 ET (14:08 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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