One of South Australia“s largest glass producers has been acquired by Victoria-based DMS Glass for AUD 8 million. SA Independent Glass of Woodville North had built up annual turnover of AUD 10 millio…
One of South Australia“s largest glass producers has been acquired by Victoria-based DMS Glass for AUD 8 million. SA Independent Glass of Woodville North had built up annual turnover of AUD 10 million over 17 years, but the time was right to sell, said managing director George Neo. “We felt comfortable with the offer for all the shareholders (and) we also found there is a synergy in terms of what they can bring us”, Mr Neo said. The firm“s 56 staff are expected to be kept on, he said. “That was the first thing in the agreement. “The key to our success over 17 years is the people, not just the machines, buildings and customers”. DMS Glass confirmed no redundancies were expected. “It is a successful business and it is not our intention to change that”, sales and marketing director Gerard McCluskey said. “If everything goes to plan, we will be expanding, we certainly won“t be reducing numbers”. SAIG would extend DMS“s production capacity to service its national customers, he said. The USD 8 million transaction takes place as interest in the sector, previously a low-profile component of the building industry, heats up, Mr McCluskey said. “Parties are starting to understand and recognise what glass can do in terms of engineering”, he said.