Prince International is exploring the sale of its glass coatings and porcelain enamel business in the US and Europe.
Prince is exploring a sale of its business to obtain the regulatory clearance required to complete the Ferro Corporation transaction. Prince said in May it had agreed to buy Ferro for $2.1 billion.
The transaction is anticipated to be completed in the first quarter of 2022.
"We are focused on a seamless execution of this sale process as part of the broader Ferro acquisition and will pursue the best path forward to benefit Prince, its stakeholders and the business," said D. Michael Wilson, CEO of Prince.
The business is the second-largest producer of porcelain enamel globally, with three facilities across North America and Europe, and is a specialist in glass coatings.
With over 110 years of expertise in frit production and glass technology, it serves niche, differentiated end uses such as home appliances, cookware and automotive.
Prince has retained Barclays Investment Bank as its financial advisor to assist in the sale process.
