Ferro announces sale of North American and Asian precious metal powders and flakes product lines
Clients Ferro Corporation
Jones Day represented Ferro Corporation in connection with the sale of its metals-based powders and flakes product lines in North America and Asia to Ames Advanced Materials Corporation, a wholly-owned subsidiary of Ames Goldsmith Corporation. The sale was completed for a net cash purchase price of approximately $13 million. In addition, Ames provided Ferro with precious metals valued at approximately $43 million to satisfy Ferro's outstanding precious metal lease obligations. In connection with the transaction, Ferro and Ames entered into a 7-year supply agreement pursuant to which Ames will supply Ferro key raw materials for its downstream businesses.