Ferro, a provider of functional coatings and color solutions, said Wednesday that it has acquired Dip Tech, a provider of digital printing solutions for glass coatings. Ferro paid $60.0 million, excluding customary adjustments and fees for Dip-Tech, which is a privately held company headquartered in Kfar Saba, Israel.
The company said it expects the deal to be accretive to earnings in 2018 based on year-one synergy-adjusted EBITDA. It also expects a return on invested capital of more than 15% within the first five years of the acquisition. The deal was funded through excess cash and borrowings under Ferro’s existing revolving credit facility.