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Ferro Corporation (NYSE: FOE) and Nanofilm today announced that they have reached an agreement whereby Ferro will market Nanofilm's unique range of nano-coatings to the global glass and ceramic markets.
This new relationship combines Ferro's extensive sales network and leading performance materials supplier position in the glass and ceramic industries with Nanofilm's technology platforms and experience in formulating thin films for a wide range of substrates and surfaces.
"This is an excellent fit with our general business strategy to enhance the value we bring to our customers through technology and product innovation," said Michael J. Murry, Vice President, Ferro Inorganic Specialties. "We believe our partnership with Nanofilm offers some exciting synergies and will benefit our application markets. We are pleased to be offering our customers an expanded product portfolio with Nanofilm's cutting-edge technologies."
Scott Rickert, Nanofilm's co-founder, President and CEO, added, "Nanofilm is truly excited to be working with Ferro to bring nanotechnology solutions to their customers. We see tremendous growth opportunities created for us through Ferro's global market leadership positions and look forward to a successful relationship."
About Ferro Corporation
Ferro Corporation (www.ferro.com) is a leading global supplier of technology-based performance materials for manufacturers. Ferro materials enhance the performance of products in a variety of end markets, including electronics, solar energy, telecommunications, pharmaceuticals, building and renovation, appliances, automotive, household furnishings, and industrial products.
Headquartered in Cleveland, Ohio, the Company has approximately 6,300 employees globally and reported 2007 sales of $2.2 billion.
Nanofilm (nanofilmtechnology.com) is a leader in nanofilm technology and self-assembling thin films for a variety of substrates and surfaces. With an in-house team of nanotechnology specialists, the company continues to leverage its rich technological strengths and core competencies to capture growth opportunities in nanotechnology applications.
Nanofilm is a privately held company with headquarters in Valley View, Ohio, near Cleveland.
Cautionary Note on Forward-Looking Statements
Certain statements in this Ferro press release may constitute “forward-looking statements” within the meaning of Federal securities laws. These statements are subject to a variety of uncertainties, unknown risks and other factors concerning the Company’s operations and business environment, which are difficult to predict and often beyond the control of the Company. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements, and that could adversely affect the Company’s future financial performance, include, but are not limited to the following:
* the availability and cost of energy, raw materials and other supplies;
* intense competition in the markets the Company serves;
* successful execution of projects designed to improve operating margins;
* the unpredictability and cyclicality of demand in the Company’s markets;
* exposure to currency conversion and changing global economic, social and political conditions;
* the Company’s ability to compete lawfully with local competitors in the Asia-Pacific region;
* aggressive global regulation of hazardous materials could affect sales of the Company’s products;
* costs of compliance with stringent environmental, health and safety regulations;
* access to capital markets or borrowings;
* variable interest rates on some of the Company’s external borrowings could increase;
* encumbrances on the Company’s assets granted to lenders affect its flexibility to dispose of assets;
* restrictive covenants in the Company’s credit facilities could affect its flexibility in funding strategic initiatives;
* the ability to utilize significant deferred tax assets;
* the outcome of any legal claims against the Company;
* the Company’s ability to continuously introduce new products to respond to demand;
* relationships with employees or employees’ representatives could deteriorate;
* the uncertainty of future employee benefit costs and the impact of funding of those costs;
* the Company’s restructuring programs may not provide sufficient cost savings;
* intangible asset risks;
* material weaknesses in internal controls and possible future material weaknesses; and
* risks associated with acts of God, terrorists, and others, as well as fires, explosions, wars, riots, accidents, embargoes, natural disasters, strikes and other work stoppages, quarantines and other governmental actions, and other events or circumstances that are beyond the Company’s reasonable control.
Additional information regarding these risk factors can be found in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2008 and other filings with the SEC.
The risks and uncertainties identified above are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these developments could have material adverse effects on the Company’s business, financial condition and results of operations.
This release contains time-sensitive information that reflects management’s best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
For more information, please click here
Mary Abood, Director of Corporate Communications,
Ferro Corporation Glass Systems
Phil Maitland, Global Marketing &
Business Development Manager, +44-7771-820251
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