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."
- US Sports stars round on US president
- At least 16 nations rally to Mexico’s aid
- Political parties will donate electoral budget to earthquake victims
- Corruption and impunity, the biggest challenge for 2018
- CDMX toughens rules for transport apps; goodbye to Uberpool
- At least 217 dead after powerful earthquake hits central Mexico
- The surprising change of mood in 2017
- Hurricane 'Irma' will cause more cruise demand for Mexico
- Merida, Yucatan fast becoming an industrial powerhouse
- Manpower predicts biggest recruitment surge in Mexico for 20 years
- 676,241 formal jobs are created between January and August 2017
- Apple suffers 'major iPhone X leak'