Juan Manual Santos, the President of Colombia, and Cecilia Álvarez-Correa Glen, Minister of Commerce, Industry and Tourism, are scheduled to visit Tecnoglass' Barranquilla manufacturing complex on Thursday, September 10, 2015. They will join Company officials and other honored guests to commemorate this operational milestone.
José M. Daes, Chief Executive Officer of Tecnoglass, commented, "We are honored to welcome President Santos and Minister Álvarez-Correa Glen to Barranquilla, and look forward to sharing with them this exciting new technology. Our new $40 million soft coat line will dramatically change the way that Tecnoglass serves our customers and addresses the growing, global architectural glass market. We remain committed to Colombia, and will continue to invest in our plant, processes, and people to help drive growth, elevate client service, and expand our global market presence."
Christian Daes, Chief Operating Officer of Tecnoglass, said, "Our initial runs show that the soft coat product we are manufacturing far exceeds our already high quality expectations. This new coating line will initially run at approximately 15% capacity, primarily to satisfy our internal requirements, with full operations expected to commence in 2016. Once at full capacity, which could take several years, this new line is expected to generate $200 to $250 million of additional revenues each year. We also expect to realize significant first year savings from reduced waste, along with improving profitability."
Tecnoglass is the #1 architectural glass transformation company in Latin America, providing hi-spec glass, windows and aluminum products for the global residential and commercial construction industries. Headquartered in Barranquilla, Colombia, Tecnoglass operates out of a 2.3 million square foot vertically-integrated, state-of-the-art manufacturing complex that provides easy access to the Americas, the Caribbean, and the Pacific. Tecnoglass sells to more than 800 customers in North, Central and South America, with the United States accounting for approximately 51% of Company revenues in 2014. Tecnoglass's tailored, high-end products are found on some of the world's most distinctive properties, including the El Dorado Airport (Bogota), Imbanaco Medical Center (Cali), Trump Plaza (Panama), Trump Tower (Miami), and The Woodlands (Houston). For more information, please visit www.tecnoglass.com. Our new corporate video is available at https://vimeo.com/134429998.
Forward Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Tecnoglass's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Tecnoglass' business. These risks, uncertainties and contingencies are indicated from time to time in Tecnoglass's filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that Tecnoglass' financial results in any particular period may not be indicative of future results. Tecnoglass is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
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