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Ferro's Chairman and CEO Establishes 10b5-1 Trading Plan

Published on 2004-03-09. Author : SpecialChem

CLEVELAND, March 8 /PRNewswire-FirstCall/ -- Ferro Corporation (NYSE: FOE) announced today that chairman and chief executive officer, Hector R. Ortino, has established a trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act. Under the plan, Mr. Ortino intends to sell 16,200 shares and exercise up to approximately 165,000 Ferro stock options. Upon exercising the options, the shares will be sold into the market net of the impact of the applicable exercise price and tax considerations. These transactions will occur over the course of an approximately one-year period ending February 28, 2005. This pre-arranged plan will facilitate the orderly exercise of employee stock options and the sale of common stock for personal financial planning purposes, with the goal of minimizing any market impact and avoiding any concerns about the timing of the transactions. Mr. Ortino's ownership interest, after considering Ferro's grant of options and shares to him under the 2003 long-term incentive plan (issued in 2004), will remain roughly unchanged at the end of the plan period.

Rule 10b5-1 of the Securities Exchange Act of 1934 permits officers and directors of public companies to adopt predetermined written plans for trading specified amounts of company stock when they are not in possession of material nonpublic information in order to gradually diversify their investment portfolios, to minimize the market effect of stock sales by spreading them out over an extended period of time, and to avoid concerns about initiating stock transactions while in possession of material nonpublic information.

Rule 10b5-1 permits individuals who are not then in possession of material nonpublic information to establish prearranged plans to buy or sell stock. The rule allows individuals to buy or sell shares of stock at a specific price in the future, regardless of any subsequent material nonpublic information.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.

Source: Ferro Corp.


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