Vitro, S.A.B. de C.V., leading glass manufacturer in Mexico, announced that during an Ordinary Shareholders Meeting held today, the Company’s shareholders approved the acquisition of the assets of PPG’s Flat Glass Business for USD $755 million.
This transaction includes 4 manufacturing plants with a total of 5 furnaces in the United States, a research and development center for Flat Glass and 4 distribution and fabrication facilities in Canada.
Also during the meeting the financing for an amount of US$500 million to fund a portion of the transaction costs was approved the balance will be funded with cash in hand available in the company.
With the approval of the PPG transaction our shareholders once again expressed their confidence in the direction Vitro is taking" said Adrian Sada Gonzalez, Chairman of the Board of Directors of Vitro.
"Acquiring PPG´s Flat Glass and glass coatings business represents a significant opportunity to reaffirm the leadership of Vitro in Mexico and Latin America, as well as consolidating its presence in one of the most important markets worldwide, the United States.
Adrian Sada Cueva, CEO of Vitro, commented: "The acquisition of PPG’s Flat Glass and Glass coatings Business will complement the skills of Vitro to further strengthen our business in the construction segment".
The transaction has been already approved by the Competition Bureau of Canada and by the US Federal Trade Commission.