Mexican glassmaker Vitro SA said its flat glass unit Vitro Plan has recently signed a stock purchase agreement to acquire 60% of the outstanding shares of Spain“s Cristalglass Vidrio Aislante SA. The…
Mexican glassmaker Vitro SA said its flat glass unit Vitro Plan has recently signed a stock purchase agreement to acquire 60% of the outstanding shares of Spain“s Cristalglass Vidrio Aislante SA. The transaction is expected to close 30 April. Financial terms were not disclosed. In a press release dated 4 April, Vitro said that Cristalglass Vidrio Aislante is the holding company of Spanish Group Cristalglass, which produces and distributes flat glass for the construction industry. The company has a 30% share of the Spanish market, with annual sales of about US$ 60 million. “Through this acquisition Grupo Vitro takes an important step toward establishing a position in the European market from which to grow and diversify,” chief executive Federico Sada said in the press release.