Vitro Completes PGW OEM Automotive Glass Business Acquisition
Headquartered in Pittsburgh, Pa., PGW operates seven manufacturing plants, two satellite facilities and two float glass furnaces in the U.S.
Vitro, S.A.B. de C.V. recently announced that it has completed its acquisition of Pittsburgh Glass Works’ (PGW) automotive original equipment manufacturer (OEM) glass business from LKQ Corp. The acquisition completes the agreement announced last December for $310 million, free of cash and debt. The final acquisition price is subject to potential post-closing purchase price adjustments, which are typical for these types of transactions.
Headquartered in Pittsburgh, Pa., PGW operates seven manufacturing plants, two satellite facilities and two float glass furnaces in the U.S. It also has one manufacturing plant in Poland and owns an equity participation in two joint ventures, one each in Mexico and China. The acquisition, combined with the purchase of PPG’s former flat glass business completed last October, expands Vitro’s float glass manufacturing and fabrication facilities.
“The experience and state-of-the-art technology PGW brings to our business will enhance our technical, research and development capabilities,” said Adrian Sada Cueva, CEO of Vitro. “It will further strengthen our company and create a business staffed by talented employees and strategically positioned for growth.”
“Vitro has a sterling reputation throughout the industry as a highly competent and capable glass manufacturer, based on more than a century of glass-making experience across the automotive, architectural and glass container industries,” said Joe Stas, CEO of PGW. “By harnessing the strength of a newly expanded workforce and their technical capabilities, Vitro is committed to creating a next-generation auto glass company focused on innovation and world-class customer service.”
The combined automotive glass business will unite its research and development capabilities with those of Vitro Architectural Glass, PPG’s former flat glass business unit. The combined staff of engineers and scientists will work primarily at the Vitro Glass Technology Center in Harmar Township, Pa., near Pittsburgh.