Pittsburgh Glass Works LLC Will Sell Its Insurance & Services Business to Solera Holdings, Inc., Creating a Comprehensive Automobile Repair and Claims Management Platform

Pittsburgh Glass Works (“PGW”) announced today that it has signed a definitive agreement to sell its Insurance & Services business unit (“I&S”) to Solera Holdings, Inc. (“Solera”) (NYSE: SLH) of Westlake, TX.

Solera is a leading global provider of software and services to the automobile insurance claims processing and decision support industries.  I&S consists of LYNX Services, GTS Services, and GLAXIS™, and is a leading provider of claims management services; call center services; proprietary software and business management tools for glass retailers; and electronic connectivity solutions for insurance companies, parts suppliers, and retail installers.The transaction is expected to close by June 30, 2014.

 

The combination of I&S and Solera will create a meaningful business platform in claims management services and provides significant value to the shareholders, customers and employees of both companies. Of equal importance, PGW and Solera will collaborate in a long-term strategic relationship to further strengthen the provision of auto glass claims management services and supply to insurance companies and consumers through the I&S ARG Alliance and PGW’s North American auto glass fulfillment distribution network.

 

Goldman, Sachs & Co acted as financial advisor to PGW and Ropes & Gray LLP acted as its legal counsel.

 

About Solera

 

Solera is a leading global provider of software and services to the automobile insurance claims processing and decision support industries. Solera is active in over 65 countries across six continents. For more information, please refer to Solera’s website at http://www.solarainc.com

 

About Pittsburgh Glass Works

 

Founded in 1883, Pittsburgh Glass Works LLC is a long-standing pioneer in the automotive glass market. PGW is a global leader in the manufacturing and distribution of a full range of automotive glass products including windshields, sidelites, backlites and sunroofs. PGW’s products serve the automotive original equipment market as well as the aftermarket. For more information, please refer to PGW’s website at http://www.pgwglass.com.

 

Contact:

 

Jeff Gronbeck

Chief Financial Officer

Pittsburgh Glass Works

30 Isabella Street

Pittsburgh, PA 15212

jgronbeck@pgwglass.com

600450 Pittsburgh Glass Works LLC Will Sell Its Insurance & Services Business to Solera Holdings, Inc., Creating a Comprehensive Automobile Repair and Claims Management Platform glassonweb.com
Date: 14 May 2014
Source: www.pgwglass.com

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