Mexican glassmaker Vitro said it was buying US-based Harding Glass in a deal it expects to boost sales by 5%.
Vitro said it would acquire Harding Glass, a subsidiary of industrial services company Su..
Mexican glassmaker Vitro said it was buying US-based Harding Glass in a deal it expects to boost sales by 5%. Vitro said it would acquire Harding Glass, a subsidiary of industrial services company SunSource Inc., through its Memphis-based subsidiary VVP America. It did not give the cost of the deal. SunSource said in a statement it expected the sale to be completed by 1 March, subject to regulatory approval. “This project will give us growth of 10% in sales of flat glass products and five percent in Vitro sales,” Vitro director general Federico Sada told reporters. Sada said Vitro would buy Harding with its own resources and without affecting a programme to cut debt, which in the third quarter of 1999 stood at US$ 1.61 billion. Vitro started a plan in September to cut costs, sell assets and reduce debt by US$ 150 million in 2000. The Harding acquisition is expected to improve profitability in flat glass distribution in the US, where Vitro“s business is expected to be worth more than US$ 500 million. VVP America makes thick glass tabletops and operates more than 120 fabrication, distribution, retail and contract glazing units in the US, mainly in the South and West. Harding has annual sales of US$ 118 million and 123 distribution, installation and retail units in the US.