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FERRO ADDING MANUFACTURING CAPACITY FOR ULTRAMARINE BLUE AND MICRONIZED IRON OXIDE PIGMENTSJuly 18, 2018
Cleveland, Ohio – July 18, 2018 – Ferro Corporation (NYSE: FOE) is expanding its production facility in Girardota, Colombia, to meet increasing global demand for its Ultramarine Blue and Micronized Iron Oxide pigments.
“As a global leader in inorganic and organic pigments, including Complex Inorganic Color Pigments, Ferro is committed to meeting growing demand for our products and enabling the success of our customers through innovative and high-quality products, reliable supply, and superior technical support and service,” said Matthias P. Bell, Vice President, the Americas and Color Solutions.
“We plan to be producing significantly higher volumes of our Ultramarine Blues and Micronized Iron Oxides by early 2019 through this expansion project in Colombia. We will be adding state-of-art technologies to ensure premium product quality, as well as manufacturing efficiency, environmental protection, and safety. This investment gives continuity to the strategy we announced a year ago to expand our global capacity in high performance Ultramarines as we continue to meet our customers’ needs anywhere in the world.”
Ferro is a leading producer of Ultramarine Blues, Violets and Pinks. In addition to Girardota, it produces Ultramarine pigments in Llodio, Spain, Doicesti, Romania, and Chennai, India. Ferro’s Micronized Iron Oxides, which are mostly used in specialized plastics and coatings applications, are produced in Girardota.
About Ferro Corporation
Ferro Corporation (www.ferro.com) is a leading global supplier of technology-based functional coatings and color solutions. Ferro supplies functional coatings for glass, metal, ceramic and other substrates and color solutions in the form of specialty pigments and colorants for a broad range of industries and applications. Ferro products are sold into the building and construction, automotive, electronics, industrial products, household furnishings, and appliance markets. The Company’s reportable segments include: Performance Coatings (metal and ceramic coatings), Performance Colors and Glass (glass coatings), and Color Solutions. Headquartered in Mayfield Heights, Ohio, the Company has approximately 5,660 associates globally and reported 2017 sales of $1.4 billion.
Cautionary Note on Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of federal securities laws. These statements are subject to a variety of uncertainties, unknown risks, and other factors concerning the Company’s operations and business environment. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements and that could adversely affect the Company’s future financial performance include the following:
- demand in the industries into which Ferro sells its products may be unpredictable, cyclical, or heavily influenced by consumer spending;
- Ferro’s ability to successfully implement and/or administer its optimization initiatives, including its investment and restructuring programs, and to produce the desired results;
- the planned expansion could be delayed or adversely impacted by construction delays, unanticipated increase in costs, Ferro’s ability to obtain necessary regulatory approvals or issues with quality testing of new production facilities;
- challenges associated with a multi-national company such as Ferro competing lawfully with local competitors in certain regions of the world;
- Ferro’s ability to successfully introduce new products and services or enter into new growth markets;
- the availability of reliable sources of energy and raw materials at a reasonable cost;
- increasingly aggressive domestic and foreign governmental regulation of hazardous and other materials and regulations affecting health, safety and the environment;
- competitive factors, including intense price competition;
- sale of products and materials into highly regulated industries;
- our ability to address safety, human health, product liability and environmental risks associated with our current and historical products, product life cycle and production processes;
- limited or no redundancy for certain of the Company’s manufacturing facilities and possible interruption of operations at those facilities;
- risks associated with the manufacture and sale of material into industries making products for sensitive applications;
- exposure to lawsuits, governmental investigations and proceedings relating to current and historical operations and products;
- other factors affecting the Company’s business that are beyond its control, including disasters, accidents and governmental actions
The risks and uncertainties identified above are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these developments could have material adverse effects on our business, financial condition and results of operations.
This release contains time-sensitive information that reflects management’s best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information, or circumstances that arise after the date of this release.
Additional information regarding these risks can be found in our Annual Report on
Form 10-K for the year ended December 31, 2017.
Mary Abood, 216.875.5401
Director, Corporate Communications