Ferro closes stock offering

AP News
Posted: Nov 06, 2009 5:11 PM

Ferro Corp. said Friday it completed the sale of 41.1 million shares of common stock and will use some of the proceeds for restructuring programs.

The company had 44.9 million shares as of Sept. 30, according to a regulatory filing last month.

The recent stock offering included nearly 5.4 million shares from an underwriters' option in the event demand exceeded initial supply.

Ferro, which makes materials used in the manufacturing of electronics and other industries, said it would use up to $50 million of the net proceeds to pay for restructuring programs and strategic plans. It will use the rest to pay down debt.

Shares of Ferro rose 21 cents, or 3.3 percent, to close at $6.65. They have ranged from 81 cents to $13.24 in the past year.