Fortissimo makes move to buy Israel's Phoenicia Flat Glass from Guardian

Phoenicia Flat Glass' court-appointed trustee will submit an offer from Fortissimo, October 23, to buy the company from Guardian Industries Inc. for NIS 170 million (about $44 million) and to implement a strategic restructuring of the troubled company, according to a recent Globes article.  Fortissimo is an Israeli private equity investment group.

According to the article, Fortissimo believes that the investment will be worthwhile, saying that Phoenicia Flat Glass, which has a plant worth $150 million, was profitable until recently and swung to a loss due to higher energy prices and lower glass prices.

Read more...