US-based performance materials manufacturer Ferro has completed the acquisition of Spanish paints company Pinturas Benicarlo for €15 million in cash. The acquisition adds waterborne coatings technology to Ferro’s Performance Colors and Glass segment, providing it with an entry into the painted glass container market.

Pinturas, one of the world’s largest producers of waterborne industrial paints, specializes in organic paints which are primarily used for decorating container glasses for perfumes, cosmetics, food, beverages and other consumer products. The company supplies some of the largest international glass manufacturers and processors.

“We believe the combination of Pinturas’ product offering and our significant market position in glass coatings and broad geographic reach will be highly synergistic,” said Peter Thomas, Ferro’s president and CEO, adding that total sales of organic coatings for container glass were estimated to be around $100 million annually.

Pinturas’ sales for full-year 2016 are expected to be approximately €7.5 million and Ferro expects that the acquisition will be accretive to 2016 adjusted earnings. Ferro posted sales of $1.1 billion in 2015.