Ferro Initiates Restructuring Following Challenging 2012
Ferro Corp. recently reported financial results for the fourth quarter and full year ended December 31, 2012. Net sales for the fourth quarter of 2012 were $406 million, compared with $443 million in the fourth quarter of 2011.
The company’s six segments reported lower sales in the quarter compared to the prior year. Precious metal sales accounted for 29% of the sales decline, or $11 million. The largest sales decline, on a value-added basis (excluding the impact of precious metal sales), was in the Electronic Materials segment, where net sales declined 22% primarily due to reductions in demand for solar paste products and precious metal powders and flakes for other electronics applications. Weakness in Europe, particularly in southern Europe, reportedly contributed to lower sales, principally in the Performance Coatings and Color and Glass Performance Materials segments.