Belron, the offshore unit of Plate Glass & Shatterprufe Industries (PGSI), announced the merger of its US subsidiary Windshields America“s operations with those of Globe Glass & Mirror Co. Belron, of…
Belron, the offshore unit of Plate Glass & Shatterprufe Industries (PGSI), announced the merger of its US subsidiary Windshields America“s operations with those of Globe Glass & Mirror Co. Belron, of South Africa, will hold 51% of the equity of the merged operation and will exercise management control. The merged operation will be the largest automotive glass repair and replacement company in the US with 375 retail outlets and about 6,000 independent subcontractors in 42 states. The projected annual turnover should be in excess of US$ 400 million. While the merger will not have an immediate effect on PGSI“s earnings and net asset value, it is expected to contribute to the future profitability due to the synergies generated from the merger, the integration of the branch networks and the more efficient utilisation of overheads. Globe is a leading automotive replacement glass specialist in the US, operating 105 retail branches and a network of over 5,000 independent subcontractors, while Windshields America has 270 branches and 2,500 independent subcontractors. In terms of its capitalisation share award, Plate Glass and Shatterprufe Industries issued 444,889 new ordinary shares, which were listed on 29 December 1995.