Andina to Buy Tecnoglass
Andina Acquisition Corp. has agreed to buy Top Glass Fabricator Tecnoglass S.A., of Baranquilla, Colombia, in a transaction valued at around $243 million, according to an August 19 Wall Street Journal report.The sale is expected to close in the fourth quarter.
"Tecnoglass shareholders will continue to own a majority of the company, and this capital will be used to buy new equipment and technology to become more competitive in the market," Tecnoglass' Samir Amin Daes told Glass Magazine.
For 2012, Tecnoglass reported its revenue rose 40 percent to $158 million. The U.S. accounted for about 30 percent of its revenue for the year, according to the WSJ article.
The glass fabricator employs around 3,000 people and operates a 1.5-million-square-foot facility in Colombia, where it produces tempered, insulating, laminated and decorative glass; as well as shower enclosures, bent and bullet-resistant glass products.