Guardian Industries Corp. has agreed to the terms set out by Central Glass Co. and ownership of two of Guardian’s subsidiaries, Guardian Automative Products Inc. and Guardian Automotive-E S.A. will transfer soon. This is good news for Carlex Glass Co., itself a subsidiary of Central Glass Co. Carlex will inherit the companies that are being acquired by Central Glass Co. and will be in charge of operations at the two sites.
Interestingly enough, Guardian Automative Products Inc. is located in Michigan and Guardian Automotive-E S.A. is located in Luxembourg so, their respective glass manufacturing plants can be found in Indiana and Luxembourg. This international spread is something that attracted Central Glass Co. and Carlex Glass Co. to the deal. They were interested in expanding their global presence and this acquisition gave them just such an opportunity. Members of the leadership at Carlex implied that the access to new customer bases and improved efficiency for shipping were two factors that made the deal enticing.
In addition to the perks added by the locations of the acquired facilities, the new plants will allow Carlex Glass Co. to produce a more diverse group of products for aftermarket distribution and for a range of large automotive manufacturers as well. Both sides are looking forward to a smooth and efficient transition of ownership and control. The president of Guardian Automotive, Mike Morrison, said, “Carlex’s agreement to purchase Guardian’s OEM business, coupled with its previous purchase of Zeledyne’s auto glass manufacturing facility in Nashville and aftermarket distribution center in Lebanon, Tenn., is strong evidence of its commitment to the automotive glass business in both OEM and aftermarket. Our people will be joining an established brand with a long-term focus on the automotive glass business.” Clearly the two companies are joining on good terms and do not expect any serious problems.
That is, assuming the regulatory approvals and traditional closing conditions are met. That is not anticipated to be an issue but it is worth noting that the deal has not officially be approved.
from Danny Yehia http://ift.tt/ZqsxCZ