Industry News

Ferro Dedicates Technical Center in Honor of Retired Chairman and CEO

Published on 2004-03-05. Author : SpecialChem

CLEVELAND, March 4 /PRNewswire-FirstCall/ -- Ferro Corporation (NYSE: FOE) announced today that it has dedicated its technical center in Independence, Ohio in honor of Adolph "Ad" Posnick, retired chairman and chief executive officer who devoted his entire half-century career to the company. The facility has been renamed the Posnick Center of Innovative Technology.

"We wanted to mark our commitment to technology and investment in the technical center to someone who has been a pioneer in Ferro's core technologies. Ad's leadership and innovative spirit helped build the foundation for businesses such as electronic materials and pharmaceuticals and fine chemicals, which today represent a significant part of Ferro's future growth opportunities," said current Chairman and Chief Executive Officer Hector R. Ortino.

"In 1998 we introduced and implemented our Leadership Agenda strategy," Ortino further commented. "This strategy has guided the Company through a tremendous amount of change. We have transitioned and increased the growth profile of our portfolio by acquiring and investing in technology-based businesses. The Posnick Center of Innovative Technology symbolizes the commitment we have made to develop new products, applications and technologies to support the needs and growth opportunities for these businesses. In addition, through acquisitions and hiring, we have increased our global technical and leadership capabilities. Our strategic objective is to position the company for long-term growth by leveraging innovation and technology across our product lines and regions of the world."

The Posnick Center of Innovative Technology is the largest research and development facility in Ferro's worldwide operations and serves as the global coordination center. It is a center of excellence for the Company, focusing on electronic materials, pharmaceuticals, fine chemicals, polymer additives and specialty plastics. The facility also conducts analytical work for Ferro's global operations. The Company employs approximately 400 people in research and development worldwide.

Under Posnick's leadership as CEO from 1976 to 1991, Ferro's net sales grew from $375 million to $1.12 billion. Upon graduating from the University of Saskatchewan, Posnick joined Ferro as a research engineer in 1947. He served the company in a variety of technical, managerial and executive positions including president and CEO until his retirement in 1991. He continued to serve on the Board of Directors until 1996.

Ferro Corporation is a major international producer of performance materials for industry, including coatings and performance chemicals. The Company has operations in 20 countries and recorded sales of $1.6 billion in 2003. For more information on Ferro, visit the Company's web site at http://www.ferro.com or contact John Atkinson, 216-875- 7155.

Source: Ferro Corp.

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