Ferro Eliminates 230 More Jobs

Ferro initiated cost reduction projects in October that will result in the loss of 230 jobs by mid-2010 and $14 million in severance payments. Plans include consolidating facilities in Europe and Asia and reducing sales and administrative costs in a number of businesses. Separately, Ferro says it intends to raise at least $150 million through a common stock offering. According to a preliminary prospectus filed with the Securities & Exchange Commission, proceeds will be used to reduce borrowing costs and underwrite restructuring programs and strategic initiatives.