Vitro Shareholders Approve acquisition of PPG’s Flat Glass and Coatings Business

Vitro Shareholders Approve acquisition of PPG’s Flat Glass and Coatings Business
Photo source
glassonweb.com
Vitro announced that the Company’s shareholders approved the acquisition of the assets of PPG’s Flat Glass Business for USD $755 million.

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. 

600450 Vitro Shareholders Approve acquisition of PPG’s Flat Glass and Coatings Business glassonweb.com
Date: 23 September 2016
Source: www.vitro.com

See more news about:

See more from these topics:

Others also read

WALKER TEXTURES™ Velour glass elegantly shields rooftop mechanicals from view.
The sale price is $310 million, subject to potential post-closing purchase price adjustments.
Advanced solar control glass accentuates views, resident comfort.
New name with members, products, services and benefits of former PPG program
Solarban® 70XL glass by Vitro Architectural Glass (formerly PPG glass) celebrates 10 years of transforming, enabling sustainable design
Proprietary quad-silver coated glass gets “Oscar of Innovation” for industrial research

From industry

NEWS RELATED PRODUCTS

PPG Industries, Inc.

Add new comment