Vitro has approved the acquisition of PPG’s flat glass business for $755 million.
The Mexican glassmaker said its shareholders had agreed to the proposal at an Ordinary Shareholders Meeting.
The transaction includes four manufacturing plants with a total of five furnaces in the United States, a research and development centre for flat glass and four distribution and fabrication facilities in Canada.
The financing for an amount of $500 million to fund a portion of the transaction costs was also approved during the balance which will be funded with cash in hand available in the company.
“With the approval of the PPG transaction our shareholders once again expressed their confidence in the direction Vitro is taking" said Adrian Sada Gonzalez, Chairman of the Board of Directors of Vitro.
"Acquiring PPG´s Flat Glass and glass coatings business represents a significant opportunity to reaffirm the leadership of Vitro in Mexico and Latin America, as well as consolidating its presence in one of the most important markets worldwide, the United States.
The transaction has been already approved by the Competition Bureau of Canada and by the US Federal Trade Commission.