Ferro Corporation has announced that it has signed a definitive agreement with the shareholders of Barcelona-based Nubiola Pigmentos to acquire 100% of the equity of Nubiola, on a cash-free and debt-free basis, for €146M.
Based on 2014 EBITDA, excluding expected transaction synergies, the acquisition purchase price represents a transaction multiple of approximately 7X. The transaction is subject to customary closing conditions and is expected to be completed by the end of June.
Nubiola is a worldwide producer of speciality inorganic pigments and the world’s largest producer of Ultramarine Blue, a high-value pigment for plastics and construction industries due to its durability, unique colour attributes and its whitening capability. Nubiola generated 2014 annual sales of US$119M and achieved compound annual growth of 4.1% over the past three years.
