Tecnoglass, Inc. (NASDAQ: TGLS; OTCBB: TGLSW)
(“Tecnoglass” or the “Company”), a leading manufacturer of architectural glass, windows, and associated aluminum products for the global residential and commercial construction industries, today announced that it has acquired selected assets of RC Aluminum Industries, Inc. (“RC Aluminum”). RC Aluminum designs, manufactures, and installs glass products for architects, designers, developers, and general contractors. Terms of the transaction were not disclosed.
Primary among the assets acquired by Tecnoglass are: approximately $70 million in RC Aluminum backlog for high-rise projects in south Florida, all of which is expected to begin shipping by year-end 2014; the right to complete a number of RC Aluminum’s contracted projects in south Florida with an estimated value of approximately $12 million; and Miami-Dade Notice of Acceptance (NOA) for more than 50 products manufactured and sold by RC Aluminum.
The acquisition is expected to have a neutral impact to Tecnoglass’s earnings in 2014, but should be accretive beginning in 2015.
José M. Daes, Chief Executive Officer of Tecnoglass, commented, “We view this as an exceptional transaction for Tecnoglass. RC Aluminum was a primary competitor in south Florida for nearly 25 years, and we grew to respect their products, service and reputation. The $70 million of acquired backlog, as well as any products required to complete RC Aluminum’s current projects, will be fulfilled at Tecnoglass’s manufacturing facilities in Barranquilla, Colombia. The acquired NOAs, one of most demanding certifications in our industry, will broaden our portfolio of hurricane-resistant products.”
Tecnoglass has also hired Mr. Raul Casares, the Founder and President of RC Aluminum and a 50-year industry veteran, as Sales Director for south Florida.
Mr. Daes said, “Raul is an extremely well-respected executive in our industry, and we welcome him to Tecnoglass. We expect him to continue to leverage his industry knowledge and network of contacts in order to further expand Tecnoglass’s presence in the south Florida high-rise construction market.”