Ortino is now in line to succeed Chairman and CEO Bersticker when Bersticker reaches the mandatory retirement age of 65. Bersticker does not say what those acquisition targets are just yet. Synpro met Ferro's criteria for acquisitions. It had, in our opinion, very strong management in place. The Synpro acquisition was only the latest and largest acquisition for Ferro over the past few years.
Powder coatings are heat-fusible resin coatings that give off no pollutants as they cure.
Since the ICI powder coating acquisition, Ferro has made a few smaller purchases. It bought Germany-based Bayer's ceramic and color business in Italy in 1993, and the Diamonite ceramic products business from W.R. Grace in 1994. Despite a slow first quarter in 1996 because of continuing weakness in Ferro's Latin America operations, Ludwig predicts business will pick up again during the rest of the year. The ICI powder coating acquisition got in the way of Ferro's profit goal. We were successful in retaining all the business, but the margins suffered.