Mexican leading glass producer acquired U.S. companyBy Elliot Bullman
Vitro to Acquire PGW’s Original Equipment Automotive Glass business from LKQ
Vitro, S.A.B. de C.V., Mexico´s leading glass producer, has announced it has signed a definitive agreement to acquire Pittsburgh Glass Works LLC automotive glass business from LKQ Corporation for a total consideration of approximately US$310 million.
The acquisition will be funded with US$80 million cash and a US$230 million loan from BBVA Bancomer which was simultaneously signed with this agreement.
Vitro is acquiring seven manufacturing plants, two satellite facilities and two float glass furnaces in the United States, one manufacturing plant in Poland and an equity share in two joint ventures located in North America and China.
As part of this transaction, Vitro and LKQ agreed to enter into a multi-year purchase agreement whereby Vitro will supply LKQ's aftermarket glass distribution business with an already agreed-upon volume.
The Chairman of the Board of Directors of Vitro,Adrián Sada Gonzálezsaid, "We are pleased to have reached this agreement, our second acquisition in the year, which is complementary to the recent acquisition of the construction glass business from PPG.
With this investment Vitro will continue to strengthen its Automotive Glass division, a key business for Vitro, thus fulfilling its commitment to create value for shareholders."
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