Volume 49, Issue 2 - February 2014

Mergers&Acquisitions

Glass Apps Strengthens Market Presence with Citala Acquisition

Glass Apps LLC, a Culver City, Calif.-based provider of switchable glass and smart film products produced by DMDisplay in South Korea, has acquired the production assets of Citala, an original inventor of switchable film. According to the announcement, a key component of the acquisition includes Citala’s switchable polymer dispersed liquid crystal (PDLC) film manufacturing line, one of two in North and South America.

“Citala’s products were developed using different coating methods and have unique attributes to other competing products,” says Thomas Lee, Glass Apps CEO. “This acquisition will give Glass Apps and DMDisplay the capability to leverage the two leading PDLC technologies in the world and deliver the widest range of switchable film and smart glass products, while expanding DMDisplay’s manufacturing capability to the United States.”

Jaewoon Lim, DMDisplay chairman, adds, “This combines leading edge PDLC smart film technology, developed in Korea, with local U.S. manufacturing and production for best-of-breed smart glass and film solution delivery.”

Caldwell Acquires Cotswold
Caldwell Hardware (UK) Ltd. acquired Cotswold Architectural Products Ltd. of Cheltenham, England, and its operable window hardware lines.

“The Cotswold lines will be complementary to the Magnum range of friction stays already offered by Caldwell’s Advantage Manufacturing division located in Victor, N.Y., says Caldwell president and CEO Eric Mertz.

The business units will continue to operate as two separate entities.

Quanex Acquires Assets of AtriumVinyl Extrusion Facility
Quanex Building Products Corp. is growing its presence in the vinyl extrusion market with the recent asset acquisition of Atrium Windows and Doors Inc.’s Greenville, Texas, facility. The assets purchased include six vinyl extrusion lines, with the ability for additional expansion, according to the announcement.

Atrium will continue to extrude its own vinyl in its Welcome, N.C., and St. Thomas, Ontario, Canada (North Star) locations. Atrium will also continue to self-extrude aluminum in its Wylie, Texas, location. The company also has entered into a long-term supply agreement with Quanex for continued supply of its proprietary vinyl extrusion designs from the Greenville, Texas, facility.

Tecnoglass to Go Public Under Andina Merger
Andina Acquisition Corp., a U.S. publicly traded NASDAQ acquisition fund, and Tecnoglass S.A. announced that Tecnoglass will become a public company under a merger agreement with Andina, “with the current owners of Tecnoglass retaining majority ownership and control.”

Andina had announced an agreement last August under which the privately-held Tecnoglass S.A., a Colombia-based glass fabricator, and C.I. Energia Solar S.A. E.S. Windows, also based in Columbia, which manufactures, distributes and installs aluminum doors, windows, and curtainwalls (sister companies under common management, collectively known as Tecnoglass) would become a subsidiary of Andina. Additionally, Andina projects the company will achieve revenue of $260.9 million for the year ending December 31, 2014, adjusted EBITDA of $42.7 million and net income of $16.9 million.


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