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EXHIBIT 21
LIST OF SUBSIDIARIES

SOVEREIGN POWER UNDER
NAME OF SUBSIDIARY* THE LAWS OF WHICH ORGANIZED
- -------------------------------------------------------------------------------- ---------------------------

Ferro Electronic Materials Inc ................................................. United States of America
Ferro Finance Corp. ............................................................ United States of America
Ferro Glass & Color Corporation................................................. United States of America
Ferro Colores SA de CV.................................................... Mexico
Ferro International Services Inc ............................................... United States of America
Ferro Pfanstiehl Laboratories, Inc ............................................. United States of America
Ferro Pfanstiehl (Europe) Ltd............................................. United Kingdom
Ferro Argentina SA ............................................................. Argentina
Minera Loma Blanca SA .................................................... Argentina
Procesadora de Boratos Argentinos SA...................................... Argentina
Ferro Corporation (Australia) Pty Ltd........................................... Australia
Ferro Enamel do Brasil Industria e Comercio Ltda................................ Brazil
Ferro Industrial Products Ltd................................................... Canada
ESFEL SA Ecuatoriana SA (19%) .................................................. Ecuador
Ferro Holdings GmbH ............................................................ Germany
Ferro GmbH................................................................ Germany
Magmalor GmbH............................................................. Germany
FC France Acquisition Sarl ............................................... France
Ferro Couleurs France SA ............................................ France
PT Ferro Ceramic Colors Indonesia (59%).......................... Indonesia
PT Ferro Additives Asia (75.4%).................................. Indonesia
PT Ferro Mas Dinamika (95%)..................................................... Indonesia
Ferro Japan K.K................................................................. Japan
Ferro Far East Ltd.............................................................. Hong Kong
Ferro Mexicana SA de CV......................................................... Mexico
Ferro B.V. ..................................................................... The Netherlands
Ferro (Belgium) Sprl. .................................................... Belgium
Ferro France Sarl......................................................... France
Ferro Chemicals SA.................................................. France
Ferro Services Sarl ................................................ France
Ferro Arnsberg GmbH ...................................................... Germany
Ferro (Italia) SrL ....................................................... Italy
Cerpart SrL......................................................... Italy
Cerdec Ceramics Italia SpA........................................ Italy
Smaltochimica SrL (40%) ...................................... Italy
Gardenia-Quimica S. A. (30%)............................ Italy
Ferro (Holland) BV........................................................ The Netherlands
Ferro Investments BV ..................................................... The Netherlands
Ferro Industrias Quimicas (Portugal) SA .................................. Portugal
Ferro Toyo Co. Ltd. (60%)................................................. Taiwan, Republic of China
Ferro Far East, Ltd............................................................. Peoples Republic of China
Ferro (Suzhou) Performance Chemicals Co. Ltd.................................... Peoples Republic of China
Ferro Taiwan Ltd ............................................................... Taiwan, Republic of China
DC-Ferro Co., Ltd. (50%)........................................................ Republic of Korea
Ferro Spain SA ................................................................. Spain
Chilches Materials SA (20%) .............................................. Spain
Gardenia-Quimica SA (36%) ................................................ Spain
CIT Technicae Ceramic Industry............................................ Malaysia
Kerajet SA (25%)................................................................ Spain
Ferro (Thailand) Co. Ltd. ...................................................... Thailand
Ferro Cerdec (Thailand) Co. Ltd (49%)........................................... Thailand
Ferro de Venezuela CA (51%)..................................................... Venezuela
Ferro (Great Britain) Ltd....................................................... United Kingdom

* Percentages in parentheses indicate Ferro's ownership if Ferro and its
subsidiaries together own less than one hundred percent of a company.

Ferro has a number of sales, warehousing and non-operational subsidiaries
throughout the world which are omitted from the foregoing list because they are
considered in the aggregate or individually not to constitute a significant
subsidiary.