23 October 1997: South Africa“s Plate Glass and Shatterprufe Industries Ltd. (PGSI) said recently that its US unit Vistar Inc. and the Safelite Glass Corporation, also of the United States, had agree…
23 October 1997: South Africa“s Plate Glass and Shatterprufe Industries Ltd. (PGSI) said recently that its US unit Vistar Inc. and the Safelite Glass Corporation, also of the United States, had agreed to merge operations in a share swap. The merger, which will create the largest automotive glass repair and replacement company in the US, is subject to approval from the Federal Trade Commission, the US Justice Department and the South African Reserve Bank. The merged operation will have sales of over US$ 800 million through more than 6,000 independent installation and repair sub-contractors. Belron International NV, which is 78% held by PGSI, owns 51% of Vistar. The merged company will be called Safelite but it will use Belron“s colours. Detailing the share operation, Ronnie Lubner, PGSI chairman and chief executive officer said that no cash changed hands and that Belron will have a 45% stake in the merged company with the remaining 55% split between Thomas H. Lee Co., a private company based in Boston, and its associates, which together own Safelite.