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Prince International Corporation has completed its yearlong acquisition of Ferro Corporation, per a company-issued press release.
The transaction, which dates back to May 11, 2021, cost Prince $22 per share in an all-cash transaction worth about $2.1 billion, the release said.
Prince added that the acquisition has yielded a name change.
The release said that Prince has also merged with Chromaflo Technologies and changed its name to Vibrantz Technologies Inc.
With Houston to serve as its corporate headquarters, Vibrantz boasts a workforce of nearly 5,400 people and operates 63 manufacturing sites globally.
"I want to thank our employees who have worked so hard to get to this momentous occasion," the new combined company's president and CEO D. Michael Wilson said in the release. "By combining Prince, Ferro and Chromaflo – all leaders in their own right – we have leading positions in highly attractive markets. We will be a company with strong material science and technology expertise to drive faster innovation, and our greater scale broadens our global footprint, enhancing our customer reach and giving us greater operational resilience. We have pulled leadership talent from all three companies to form a highly qualified management team."
Vibrantz specializes in advanced materials, color solutions and performance coatings, per the release.
Wilson said the company's launch is accompanied by a new brand and logo.
"The new name speaks to who we are – to our energy and boldness – and what we do, which is innovating to bring color, performance and vibrancy to life in countless products across a broad array of end markets, and the design of our logo reflects the global nature of our company," he said in the release.
Barclays; Morgan Stanley & Co., LLC; and Lazard Freres & Co., LLC acted as financial advisors in the acquisition while Prince and Kirkland & Ellis, LLP and Simpson Thacher & Bartlett, LLP provided legal advice, according to the release.