Ferro Corporation (NYSE:FOE): Closing price $6.76
On Monday, Ferro said it had finalized the sale of its pharmaceuticals division Pfanstiehl Laboratories to PLI Holdings, an affiliate of Med Opportunity Partners. The transaction was made up of a $16.9 million cash payment and an earn-out incentive payment of as much as $8 million, payable over two years based on attained earnings targets. Beyond that, the firm retained certain tax benefits of an estimated $5 million. In 2012, Ferro’s pharmaceuticals business generated segment income of $2.4 million.
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