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Business, Finance, Occupation & Industry

Materion Corporation Conference Call Scheduled

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By Business Wirevia The Motley Fool

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Materion Corporation Conference Call Scheduled

MAYFIELD HEIGHTS, Ohio–(BUSINESS WIRE)– Materion Corporation (NYS: MTRN) will hold its quarterly conference call on Thursday, April 25, 2013 at 10:00 a.m. Eastern Time to review first quarter 2013 results.

Richard Hipple, Chairman, President and Chief Executive Officer; John Grampa, Senior Vice President, Finance and Chief Financial Officer; Michael Hasychak, Vice President, Treasurer and Secretary; and James Marrotte, Vice President, Controller, will represent Materion Corporation on the call.

To participate, please dial (877) 407-0778 or (201) 689-8565 for International calls. A live webcast will be available on the Company’s website (www.materion.com). To access the webcast, click on Events & Presentations under the Investor Relations page. The webcast will also be available through www.InvestorCalendar.com.

A recorded playback will be available until May 9, 2013 at (877) 660-6853 or (201) 612-7415 for International calls. Please use the following passcode: 411602. An archive of the call will also be available on the Company’s website.

Materion Corporation is headquartered in Mayfield Heights, Ohio. The Company, through its wholly-owned subsidiaries, supplies highly engineered advanced enabling materials to global markets. Products include precious and non-precious specialty metals, inorganic chemicals and powders, specialty coatings, specialty engineered beryllium alloys, beryllium and beryllium composites, and engineered clad and plated metal systems.

Materion Corporation
Investors:
Michael C. Hasychak, 216-383-6823
or
Media:
Patrick S. Carpenter, 216-383-6835
http://www.materion.com
Mayfield Hts-g

KEYWORDS:   United States  North America  Ohio

INDUSTRY KEYWORDS:

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Ferro Announces Successful Amendment to Credit Facility

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By Business Wirevia The Motley Fool

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Ferro Announces Successful Amendment to Credit Facility

Provides Greater Flexibility in Continued Execution of Value Creation Strategy

CLEVELAND–(BUSINESS WIRE)– Ferro Corporation (NYSE: FOE, the “Company”) today announced the amendment of its existing senior credit facility. The amendment reflects a further benefit achieved through the Company’s strategy to divest its solar pastes assets. The previously announced sale of Ferro’s solar pastes assets increased operating cash flows and significantly reduced the size of the Company’s precious metal consignment program and other working capital needs. As a result, Ferro is reducing the Company’s revolving loan commitment from $350 million to $250 million. The amendment will lower annual commitment fees by approximately $500,000 and modify certain financial and leverage ratio covenants. Additional details can be found in the Form 8-K that the Company will file with the Securities and Exchange Commission.

“Between cash on hand and expected cash from operations, we believe Ferro has sufficient cash resources to fully fund the initiatives now underway to reduce operating costs by over $50 million by the end of 2014,” said Peter Thomas, Interim President and Chief Executive Officer of Ferro. “By amending Ferro’s credit facility, very little of which currently has been utilized, we have gained significant additional financial flexibility to expand upon our cost savings programs and execute on other initiatives in our value creation strategy.”

The amendment was unanimously approved by the Company’s bank group.

About Ferro Corporation

Ferro Corporation (http://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 building and construction, automotive, appliances, electronics, household furnishings, pharmaceuticals, and industrial products. Headquartered in Mayfield Heights, Ohio, the Company has approximately 4,860 employees globally and reported 2012 sales of $1.8 billion.

Cautionary Note on Forward-Looking Statements

Certain statements in this 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. 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 the following:

…read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Ferro Confirms Prior Receipt and Rejection of Unsolicited Proposal from A. Schulman

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By Business Wirevia The Motley Fool

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Ferro Confirms Prior Receipt and Rejection of Unsolicited Proposal from A. Schulman

Advises Shareholders to Take No Action at This Time

CLEVELAND–(BUSINESS WIRE)– Ferro Corporation (NYSE: FOE, the “Company”) today confirmed that its Board of Directors had previously received and rejected an unsolicited proposal from A. Schulman, Inc. (NAS: SHLM) to acquire all of the outstanding shares of Ferro common stock for $6.50 per share in cash and stock.

Ferro’s Board of Directors, in consultation with financial and legal advisors, unanimously determined that the A. Schulman proposal is not in the best interests of Ferro shareholders and that continued execution of the Company’s value creation strategy will deliver greater value to Ferro shareholders.

Ferro advises shareholders to take no action at this time.

Goldman, Sachs & Co. is serving as Ferro’s financial advisor, and Jones Day is serving as its legal advisor.

About Ferro Corporation

Ferro Corporation (http://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 building and construction, automotive, appliances, electronics, household furnishings, pharmaceuticals, and industrial products. Headquartered in Mayfield Heights, Ohio, the Company has approximately 4,860 employees globally and reported 2011 sales of $2.2 billion.

Cautionary Note on Forward-Looking Statements

Certain statements in this 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. 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 the following:

  • demand in the industries into which Ferro sells its products may be unpredictable, cyclical or heavily influenced by consumer spending;
  • Ferro’s ability to successfully implement its value creation strategy;
  • Ferro’s ability to successfully implement and/or administer its cost-saving initiatives, including its restructuring programs and produce the desired results, including …read more
    Source: FULL ARTICLE at DailyFinance