Ferro Corp., a producer of specialty chemicals, announced on Tuesday the company's assets that do not generate returns are being redeployed, divested or curtailed.
This comes a day after Ferro rejected a $855 million takeover bid from plastic compounds and resins supplier A. Schulman.
"We have tremendous respect for Ferro and its people," said Joseph M. Gingo, chairman, president and CEO of A. Schulman, in a statement. "However, cash flow is required not only for the restructuring efforts already publicly identified by Ferro, but also for growth, the capacity to be opportunistic in the marketplace, and the ability to create value for shareholders." ...