Ferro Acquires Israeli Digital Printing Company for $60 mn

Ferro Corporation (FOE) has acquired Dip Tech Ltd (Dip-Tech), a leading provider of digital printing solutions for glass coatings.

Ferro paid $60.0 million, excluding customary adjustments and fees for Dip-Tech, which is a privately held company headquartered in Kfar Saba, Israel.

The company expects the transaction to be accretive to earnings in 2018 based on year-one synergy-adjusted EBITDA, which is forecasted to be in a range of $6 million to $7 million.

Ferro’s strong commercial presence in the global appliance, architectural and automotive glass markets provides opportunities for introducing Dip-Tech’s digital technology and for expanding sales. Ferro believes that its strength in developing inks and related raw materials, together with Dip-Tech’s technology, IP and established global success, provide numerous operating and commercial synergies.

“This acquisition aligns very well with Ferro’s next phase of our value creation strategy: Dynamic Innovation and Optimization. It equips us with a fully commercialized and patent-protected digital glass printing business that generates gross margins at the high end of our performance colours & glass portfolio,” said Peter Thomas, chairman, president and CEO of Ferro Corporation.

“Dip-Tech’s printing solutions and glass coatings carry patent protection in all of its major markets. Their technology know-how, along with their patent portfolio, is unmatched in the industry. Our acquisition of Dip-Tech is a clear demonstration of the culture of innovation that we are developing at Ferro. We are pleased to welcome the Dip-Tech team to Ferro and look forward to leading the way in digital glass technology together,” added Thomas.