Ferro Corporation has completed the acquisition of Pinturas Benicarló (Pinturas) for €15 million in cash.
It said the acquisition adds new waterborne coatings technology to its Performance Colors and Glass segment and provides Ferro with an entry into the painted glass container market.
Pinturas is one of the world’s largest producers of waterborne industrial paints that specialises in the sector of organic paints for application on glass substrates. Pinturas serves some of the largest international glass manufacturers and processors.
The primary use for Pinturas’ paints is for the decoration of container glasses for perfume and cosmetic, food and beverage and other consumer products applications, where painted glass packaging communicates brand identity.
The company provides product solutions specifically formulated for its customers’ production methods and desired finishes.
Pinturas sales, for the full-year of 2016, are expected to be approximately €7.5 million.
Peter Thomas, Chairman, President and CEO of Ferro Corporation, said: “We believe the combination of Pinturas’ product offering and our significant market position in glass coatings and broad geographic reach will be highly synergistic.”