International. Ferro Corporation announced that it has completed the acquisition of Barcelona-based Nubiola for approximately US$165 million, subject to customary working capital and other purchase price adjustments.
"We are delighted to have Nubiola joined with Ferro, and we welcome Nubiola employees to our team, who have done a great job of making the company a leader in inorganic pigments with a reputation for quality, innovation and customer service. We intend to invest in R&D product development programs to further enhance Nubiola's market position as a leader in innovation," said Peter Thomas, President and CEO of Ferro.
Nubiola is a global producer of specialty inorganic pigments and one of the largest producers of ultramarine blue, a high-value pigment for the world's plastics and construction industries, due to its durability, color attributes and bleaching ability. Other products include iron oxide specialties, green oxide chromium and corrosion inhibitors. Nubiola employs approximately 750 people, including temporary employees, and has production plants in Spain, Colombia, Romania, India and a joint venture in China.
The acquisition was previously announced on April 29, 2015. Nubiola will continue to operate under its same name with Ferro's co-brand.
