Key Developments: Ferro Corp (FOE.N)
7 Mar 2014
Latest Key Developments (Source: Significant Developments)
A. Schulman Inc announced that it has made a proposal to the Board of Directors of Ferro Corp to acquire all of the outstanding shares of Ferro common stock for per-share consideration of $6.50, representing an estimated total enterprise value of approximately $855 million including total indebtedness. The offer represents a 25% premium over the closing price of Ferro common stock on March 1, 2013, and a 32% premium over the volume-weighted average trading price over the preceding 60-day period. The Company said its proposed offer price of $6.50 per share includes an immediate cash payment of $3.25 for each Ferro share outstanding and $3.25 worth of A. Schulman common stock. When cost savings and synergies are fully implemented, A. Schulman estimates annual savings of $35 million over and above the previously announced Ferro targets. Full Article
Ferro Corp announced that it has sold assets related to its solar pastes business to Heraeus, a privately owned global precious metals and technology company based in Hanau, Germany. As announced on October 9, 2012, the Company had decided to explore strategic options for the solar pastes business in an effort to eliminate the negative impact from the business on earnings and cash flow. The market for conductive pastes used in the manufacture of solar cells has declined substantially since 2011 as the solar power panel industry has struggled with overcapacity and falling prices. As a result of the transaction, the Company will eliminate operating losses associated with the solar business. Terms of the transaction were not disclosed. Full Article
Ferro Corp announced that for fiscal 2012, the Company confirmed that it expects adjusted earnings per diluted share of $0.07 to $0.12. Ferro also announced that adjusted earnings for 2013 are expected to be in the range of $0.25 to $0.30 per diluted share. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EPS of $0.24 for fiscal 2013. Full Article
Ferro Corp announced that James F. Kirsch has stepped down as President and Chief Executive Officer (CEO) . The Company`s Board of Directors also accepted Mr. Kirsch`s resignation from the Board. Peter T. Thomas, Operating Vice President of Polymer and Ceramic Engineered Materials, has been named Interim President and Chief Executive Officer. The Board has engaged a third-party search firm to assist in the search for a permanent successor to Mr. Kirsch and will consider both internal and external candidates. William B. Lawrence, a member of Ferro`s Board of Directors, is serving as Acting Chairman of the Board. Full Article
Ferro Corp announced that for fiscal 2012, it expects sales, excluding precious metal sales, to be down 8% to 10% compared with 2011 and to be in the range of $0.07 to $0.12 per diluted share and loss of approximately $0.14 to $0.17 per share related to the Company's solar pastes business. The Company reported revenue of $2.155 billion in fiscal 2011. Full Article
Ferro Corp announced that for fiscal 2012, it expects adjusted earnings to be $0.07 to $0.12 per diluted share. The revised forecast includes an expected loss of approximately $0.14 to $0.17 per share related to the Company's solar pastes business. The earnings forecast also includes an approximately $0.14 per share positive adjustment due to a planned change in the Company's method of recognizing defined benefit pension and other postretirement benefit expense. The Company had previously indicated that fiscal 2012 adjusted earnings were expected to be $0.15 to $0.20 per diluted share. When adjusted for the $0.14 per share impact of the benefit accounting change, the previous adjusted earnings guidance was $0.29 to $0.34 per diluted share. The change in guidance is primarily the result of deterioration in the Company's forecast for its solar pastes and metal powders businesses, and further weakening of business conditions in Europe, partially offset by the pension expense adjustment. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $0.17 for fiscal 2012. Full Article
Ferro Corporation announced that for fiscal 2012, it expects sales, excluding precious metal pass-throughs, to be down 3% to 7% compared with fiscal 2011, including the negative impact of lower forecasted foreign exchange rates. Sales of precious metals are expected to decline due to lower average prices and lower volume. Based on the Company's current view of worldwide economic conditions, adjusted earnings are expected to be in the range of $0.15 to $0.20 per diluted share. The current adjusted earnings estimates are $0.20 to $0.25 per share below the low end of the Company's previous guidance. The Company reported revenue of $2.155 billion in fiscal 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $0.40 for fiscal 2012. Full Article
Ferro Corporation announced that for fiscal 2012, it expects net sales, excluding precious metal pass-throughs, to be approximately the same as in fiscal 2011, after including the negative impact of lower forecasted foreign exchange rates. Based on the Company's current view of demand for its Electronic Materials products, adjusted earnings per share for fiscal 2012 are expected to be toward the low end of the previously provided guidance range of $0.40 to $0.65 per diluted share (EPS). The Company reported revenue of $2.155 billion in fiscal 2011. Full Article
Ferro Corporation announces appointment Of Jeffrey L. Rutherford As Vice President And Chief Financial Officer.
Ferro Corporation announced the appointment of Jeffrey L. Rutherford as Vice President and Chief Financial Officer. He will begin his new role at Ferro on April 2, 2012. As previously announced, Thomas R. Miklich, Ferro’s current Vice President and Chief Financial Officer, will continue as an advisor to the Company until July 7, 2012, to facilitate a smooth transition in financial operations leadership. Full Article
TOKYO, Nov 21 - Japanese nickel smelters will be severely impacted by Indonesian bans on exports of unprocessed mineral ores due in January as Japan imports 43 percent of ferro-nickel materials from Indonesia, the head of mining industry body said on Thursday.