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Ferro Corporation announced that it has completed the acquisition of Egypt-based tile coatings manufacturer Al Salomi for frit and glazes for approximately US$36M. The acquisition was announced on September 3, 2015.
Al Salomi’s 5600m2 plant, located in Suez, includes continuous furnaces and computerised production lines and is expected to be one of Ferro’s lowest cost frit production sites. Current production capacity is 55,000t/yr. An additional two lines or 12,000t/yr of new tile coatings capacity is under construction and due to be operational in early 2016. Al Salomi recorded 2014 sales of EGP169M.
