Ferro completes acquisition of Pinturas Benicarló in Spain
US-based performance materials producer Ferro has completed the acquisition of Spain-based Pinturas Benicarló.
With the €15m acquisition, Ferro will add new waterborne coatings technology to its Performance Colors and Glass segment and venture into the painted glass container market.
Pinturas produces waterborne industrial paints and serves international glass manufacturers and processors.
These paints can be used to decorate container glasses for perfume and cosmetic, food and beverage and other consumer products applications.
Ferro chairman, president and CEO Peter Thomas said: "Pinturas is an excellent strategic fit with our Performance Colors and Glass Segment.
"Total sales of organic coatings for container glass are estimated to be approximately $100m annually.
"We believe the combination of Pinturas' product offering and our significant market position in glass coatings and broad geographic reach will be highly synergistic."
Ferro said that the acquisition will increase the company's full-year 2016 adjusted earnings guidance to between $0.95 and $1.00 per diluted share.
In January, Ferro acquired Turkey-based colour and glass coating products distributor Ferer Dis Ticaret Ve Kimyasallar Anonim Sirketi for about $9m.
Ferer provides customised, blended products and technical support primarily for the glass industry and distributes pigments into the paint and plastics industries.