Mexican leading glass producer acquired U.S. company

By 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.

edificios

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.

vitro

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."

glass 671963_960_720

RELATED NEWS

  • Southwest Airlines inaugurates new international route to Cancun from New OrleansSouthwest Airlines inaugurates new international route to Cancun from New Orleans
  • The Federal Aviation Administration has ordered airlines to inspect certain older CFM56-7B turbofan engines.The Federal Aviation Administration has ordered airlines to inspect certain older CFM56-7B turbofan engines.
  • North Korea North Korea 'halts missile and nuclear tests', says Kim Jong-un
  • Frida Kahlo Barbie doll banned from shop shelves in MexicoFrida Kahlo Barbie doll banned from shop shelves in Mexico
  • NAFTA meeting on tap; Mexico doesn’t want to be used to elude US tariffsNAFTA meeting on tap; Mexico doesn’t want to be used to elude US tariffs
  • Mexico is second on world’s best places to retire listMexico is second on world’s best places to retire list
  • New video editing trend could be the future of ´fake newsNew video editing trend could be the future of ´fake news'
  • Trump says North Korea talks under way but he may not meet Kim Jong-unTrump says North Korea talks under way but he may not meet Kim Jong-un
  • Mexico’s candidates are avoiding talking about the elephant in the room: PensionsMexico’s candidates are avoiding talking about the elephant in the room: Pensions
  • Elon Musk just sank more than $100 million into The Boring CompanyElon Musk just sank more than $100 million into The Boring Company
  • Netflix is soaring after it crushed subscriber growth targets yet againNetflix is soaring after it crushed subscriber growth targets yet again
  • Starbucks: Protesters call for boycott after black men arrestedStarbucks: Protesters call for boycott after black men arrested
WATCH LIVE TV



Most Read Articles
Most Watched Videos
  • Generations Riviera Maya
  • Mayair

Language

Mexico News Network
All rights Reserved 2018