Saint-Gobain to Purchase Outstanding Shares of Sage Electrochromics
May 9, 2012
by Penny Stacey, email@example.com
Saint-Gobain has agreed to purchase all outstanding shares of Sage
Electrochromics Inc., and will become the company's sole owner upon
completion of the transaction, according to an announcement
today from both companies.
Terms of the acquisition, which is expected to be completed by the
end of June, have not been released.
"The acquisition of Sage will give us an additional product
range," Xavier Moser, general manager of GlassSolutions for
Saint-Gobain, told USGNN.com today. "We really believe
in the product."
Sage had been working with Saint-Gobain "as a strategic partner
and as an investor" for nearly two years, according to John
Van Dine, the founder and CEO of Sage.
"It's a very smooth acquisition because we had been working
with them and we've had strategic meetings on an ongoing basis,"
Van Dine told USGNN.com today. "We're closely in communication
so it's quite a smooth transition. The organization here has a high
regard for Saint-Gobain's organization and people, so we don't see
any of those types of challenges that might happen with a different
type of acquisition."
With the acquisition, Van Dine said Saint-Gobain will be investing
$90 million into the company. In addition, the acquisition will
allow the company to complete its new plant in Faribault, Minn.,
in which Sage itself had already invested approximately $150 million.
"It's highly automated, and really is a state-of-the-art facility,"
said Van Dine. The plant is scheduled to begin production in January
2013 and is expected to produce 3.2 million square feet of electrochromic
In addition to the launch of the new facility, Van Dine says the
acquisition is positive for both companies for several reasons.
"It just made sense that at this point the company become completely
owned by Saint-Gobain," he said. "
quite diligently over a long period of time and now we're starting
to see the adoption and interest and specification of this product
gain some real momentum in the marketplace, not just in North America
but also in the international market."
Today, Van Dine appears optimistic not only for Sage, but for the
industry as a whole. "This is exciting for the industry,"
he said. "We've been an industry of innovation, going back
to the float line process, creating high-quality glass and delivering
that to the construction industry. This is a continued technological
evolvement and advancement for our industry."