Flat Glass Industries buys Melbourne glass firm

Australia“s Flat Glass Industries Ltd has acquired the Alternative Glass business in Melbourne, which has been trading since 1991.
Alternative Glass is a significant processor of glass that supplies…

Australia“s Flat Glass Industries Ltd has acquired the Alternative Glass business in Melbourne, which has been trading since 1991. Alternative Glass is a significant processor of glass that supplies a diversified customer base with a complete range of toughened and laminated glass products, and has a turnover in excess of AUD 16 million. The combined businesses will now have revenues in excess of AUD 40 million. Peter White, founder and managing director of Alternative Glass, will become a significant shareholder in Flat Glass Industries with 1.5 million new shares and will continue to run Alternative Glass. The consideration for the Alternative acquisition will be cash plus 1.5 million shares in Flat Glass Industries. The cash component will be funded by existing cash reserves and debt facilities. The transaction will be earnings per share accretive in the current financial year.