Indian solar glass manufacturer Borosil Renewables, is to acquire two European producers for €52.5 million.
Borosil Renewables said it would acquire 100% share capital of lnterfloat Corporation and Glasmanufaktur Brandenbur (GMB), organisations engaged in the solar glass manufacturing business, sales, and distribution, in Europe.
The acquisition is intended to strengthen Borosil’s ability to supply products to its European customer base and leverage the synergies offered by the two companies in manufacturing processes, focus on research and development, new product development, and lower the carbon footprint of manufacturing.
The acquisition is expected to be completed in six to 18 weeks.
GMB manufactures glass for the European solar sector, including solar photovoltaic and solar thermal, and greenhouse glass markets, with a capacity of 300 tons per day.
Interfloat, based in Liechtenstein, has been selling glass to customers in Europe for nearly 40 years and has deep connections with the glass trade in the region.