November 30, 2000

For Immediate Release

 

Chicago, Ill. USA- Pfanstiehl Laboratories, Inc. (Waukegan, Illinois) today announced that the company is now a wholly-owned subsidiary of Ferro Corporation (Cleveland, Ohio) and is now operating under the new name of Ferro Pfanstiehl Laboratories, Inc.

 

Pfanstiehl, originally established in 1919, produces high-purity carbohydrates and related organic fine chemicals including potent compounds, active pharmaceutical ingredients (APIs), advanced intermediates, food additives and cosmetic ingredients, and dietary supplements. The company synthesizes proprietary compounds under contract and offers a wide range of high-purity catalog carbohydrates. All products can be manufactured to meet current Good Manufacturing Practices (cGMP) established by the FDA to assure production of the highest quality pharmaceutical products.

 

"We see the acquisition by Ferro as an opportunity to step up expansion of our technical and capital infrastructure," stated Ed Holstein, Pfanstiehl's executive vice president. "Building upon our well-established, unique strengths in pharmaceutical and potent compound manufacturing, we are positioning ourselves to better serve the needs of both custom synthesis clients and specialty product customers."

 

Ferro Corporation is a major international producer of performance materials for industry, including coatings, fine chemicals and polymer additives. Coincidentally established in 1919, Ferro is a publicly held company with 1999 sales of approximately $1.36 billion. Over the last decade, Pfanstiehl sales have been increasing at an average annual rate of 30% with 1999 sales reaching approximately $35 million.

 

Hector R. Ortino, Ferro's chairman and chief executive officer said, "The acquisition of Pfanstiehl represents a solid complement to our existing performance and fine chemicals operations and a key step forward in our plans to develop a core business in this area." Kent H. Lee, Jr., Ferro senior vice president of chemicals added, "The key benefits of the acquisition include greater market access to pharmaceutical customers, a solid track record of FDA compliance and specialized cGMP manufacturing capabilities."

 

By contractual agreement, Ferro-Pfanstiehl's fine chemical and contract manufacturing production will be fully maintained at the current Waukegan, Illinois facility. Additionally, the experienced team of Pfanstiehl technical, manufacturing, management, and administrative personnel will remain intact.

 

"In 81 years of business, Pfanstiehl has maintained a strong reputation for technical competence and high purity products," stated George Holstein, president of Pfanstiehl Labs. "After carefully evaluating all aspects of this acquisition, we are convinced that Ferro is a company of comparable integrity and quality. We see this acquisition as the development of a win-win relationship that strengthens our long-term objectives for serving our pharmaceutical, biotechnology, food, beverage, cosmetic, and dietary supplement customers."

 

Pfanstiehl Laboratories is located at 1219 Glen Rock Avenue, Waukegan, Illinois 60085, 847.623.0370, Fax: 847.623.9173 pfanstiehl-info@ferro.com.