Cardinal Glass Industries announced on August 2 that it has finalized the transaction to acquire the assets of AGC Glass in Churchill, Tenn.; Abingdon, Va.; and Spring Hill, Kan. Plans of the acquisition were first reported in June. The value of the transaction was $450 million, confirmed by Bowie Neumayer, vice president of sales and marketing at Cardinal Glass Industries.
According to the original statement from AGC, “Under the medium-term management policy, AGC plus-2023, announced in February this year, the company has strived to improve the profitability and asset efficiency of its architectural glass business, which have been designated as a priority. AGC concluded that it would create further growth opportunities by transferring to Cardinal Glass Industries. Cardinal has business trading experience with AGC in the past and is expected to make the most effective use of its assets and personnel.”
The transaction is expected to generate a profit of approximately $227,075,000*, which is expected to be recorded as other income in the consolidated financial results for the third quarter of this fiscal year ending December 31.
*The financial information was converted from Japanese Yen to U.S. dollars on June 15, 2021.
