Vitro has inked a definitive agreement to acquire Pittsburgh Glass Works’ automotive business from LKQ Corporation for around US$310m.
Prior to closing, LKQ will spin off and retain the aftermarket glass distribution business, which will not be part of the transaction. The acquisition will be funded with US$80m cash and a US$230m loan from BBVA Bancomer, which was simultaneously signed with the agreement.
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Vitro is acquiring seven manufacturing plants, two satellite facilities and two float glass furnaces in the US, one manufacturing plant in Poland and an equity share in two joint ventures located in North America and China.
As part of the transaction, Vitro and LKQ agreed to enter into a multi-year purchase agreement with Vitro supplying LKQ’s aftermarket glass distribution business with an already agreed volume.
“We are pleased to have reached this agreement, our second acquisition in the year, which is complementary to the recent acquisition of the construction glass business from PPG,” said Vitro chairman, Adrián Sada González
“With this investment we will continue to strengthen our Automotive Glass division, a key business for Vitro, fulfilling our commitment to create value for our shareholders.”
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