Ferro Corp. has completed the sale of its pharmaceuticals business, Pfanstiehl Laboratories, to PLI Holdings, an affiliate of Med Opportunity Partners, for $16.9 million in cash and an earn-out incentive of as much as $8 million based on earnings targets. Ferro’s pharmaceuticals business had revenues of $2.4 million in 2012.   The sale is part of Ferro’s strategy to divest non-core businesses and drive earnings growth and profitability from its core Performance Materials and Performance Chemical...