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Ferro Purchases Grinding Fluids Business from Fluid Logic LLC

Post Time:Jul 22,2008Classify:Company NewsView:402

Precision Grinding Fluid Business Enhances Ferro Electronic Material Systems' Surface Finishing Product Lines

CLEVELAND, Jul 21, 2008 (BUSINESS WIRE) -- Ferro Corporation (FOE: 22.02, +0.64, +3.0%) announced today that it has purchased a grinding and fabrication fluids business for brittle materials from Fluid Logic LLC, of Portland, Oregon. While 2007 sales of these fluids were not at a level material to Ferro, the Company sees opportunities for growth by leveraging its existing surface finishing customer relationships and global sales reach. Terms of the transaction were not released.

The primary products obtained are grinding fluids used in the production of electronic components based on ceramic and quartz substrates, and advanced polishing fluids used for flat glass, precision optics, ophthalmic lenses, and specialty plastics.

Ferro Electronic Material Systems is recognized by customers as a global market leader serving growing clean-tech industries, including solar energy; advanced coatings; ophthalmic lenses; and various segments in consumer and hybrid electronics, with an established product portfolio. The grinding and polishing fluids business acquired from Fluid Logic expands Ferro's growing product line of technically advanced surface friction/polishing materials and formulations.

About Ferro Electronic Material Systems

Ferro Electronic Material Systems has locations in Vista, CA; Penn Yan, NY; South Plainfield, NJ; Haverhill, United Kingdom; Uden, The Netherlands; Hanau, Germany; Tsukuba, Japan; and Suzhou, China. Its products include surface finishing materials for LCD, hard disk and ophthalmic polishing; CMP slurries for semiconductors and advanced integrated circuits; metal pastes and powders for solar energy applications, advanced packaging and thick film conductors; and dielectrics used in multilayer ceramic capacitors (MLCC).

About Ferro Corporation

Ferro Corporation (

Headquartered in Cleveland, Ohio, the Company has approximately 6,300 employees globally and reported 2007 sales of $2.2 billion.

Cautionary Note on Forward-Looking Statements

Certain statements in this Ferro 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, which are difficult to predict and often beyond the control of the Company. 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:

-- We depend on reliable sources of raw materials, including energy, petroleum-based materials, and other supplies, at a reasonable cost, but availability of such materials and supplies could be interrupted and/or the prices charged for them could escalate.

-- The markets in which we participate are highly competitive and subject to intense price competition.

-- We are striving to improve operating margins through sales growth, price increases, productivity gains, and improved purchasing techniques, and restructuring activities, but we may not be successful in achieving the desired improvements.

-- Our products are sold into industries where demand is unpredictable, cyclical or heavily influenced by consumer spending.

-- The global scope of our operations exposes us to risks related to currency conversion rates and changing economic, social and political conditions around the world.

-- We have a growing presence in the Asia-Pacific region where it can be difficult for a U.S.-based company to compete lawfully with local competitors.

-- Regulatory authorities in the U.S., European Union and elsewhere are taking a much more aggressive approach to regulating hazardous materials and those regulations could affect our sales and operating profits.

-- Our operations are subject to operating hazards and, as a result, to stringent environmental, health and safety regulations and compliance with those regulations could require us to make significant investments.

-- We depend on external financial resources and any interruption in access to capital markets or borrowings could adversely affect our financial condition.

-- Interest rates on some of our external borrowings are variable, and our borrowing costs could be affected adversely by interest rate increases.

-- Many of our assets are encumbered by liens that have been granted to lenders, and those liens affect our flexibility in making timely dispositions of property and businesses.

-- We are subject to a number of restrictive covenants in our credit facilities, and those covenants could affect our flexibility in funding strategic initiatives.

-- We have significant deferred tax assets, and our ability to utilize these assets will depend on our future performance.

-- We are a defendant in several lawsuits that could have an adverse effect on our financial condition and/or financial performance, unless they are successfully resolved.

-- Our businesses depend on a continuous stream of new products, and failure to introduce new products could affect our sales and profitability.

-- We are subject to stringent labor and employment laws in certain jurisdictions in which we operate and party to various collective bargaining arrangements, and our relationship with our employees could deteriorate, which could adversely impact our operations.

-- Employee benefit costs, especially post-retirement costs, constitute a significant element of our annual expenses, and funding these costs could adversely affect our financial condition.

-- Our restructuring initiatives may not provide sufficient cost savings to justify their expense.

-- We are exposed to intangible asset risk.

-- We have in the past identified material weaknesses in our internal controls, and the identification of any material weaknesses in the future could affect our ability to ensure timely and reliable financial reports.

-- We are exposed to risks associated with acts of God, terrorists and others, as well as fires, explosions, wars, riots, accidents, embargoes, natural disasters, strikes and other work stoppages, quarantines and other governmental actions, and other events or circumstances that are beyond our control.

Additional information regarding these risk factors can be found in the Company's Annual Report on Form 10-K for the period ended December 31, 2007 and other filings with the SEC.

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 the Company's 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.

Source: Ferro Corporation Author: admin

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