Sun Capital Affiliate Buys Vitro America
Assets at Auction
June 2, 2011
American Glass Enterprises has purchased the assets of Vitro
America LLC and three other indirect Vitro subsidiaries, including
Super Sky and Binswanger Glass, through an auction yesterday
in Dallas. The purchase price was around $61 million.
American Glass Enterprises is an affiliate of Sun Capital,
the parent company of Arch Aluminum & Glass LLC and United
In a recent
interview with USGNN.com, Arch Aluminum chief executive
officer (CEO) Jeff Leone had commented on its parent's potential
acquisition of Vitro America, "The strategic plan is to
be the number one or two player in this industry. We want to
have a solid glass product line, a solid metal line and we want
the company to be solid financially so it can ride through the
industry peaks and valleys. Our acquisitions are all directed
at that direction."
Today Leone added in a statement, We are delighted with
the successful outcome of the bidding process for Vitro. Now
the real work begins to consolidate our three companies Arch,
United Glass, and Vitro. Our mission remains to create the leading
glass fabrication business in North America by focusing on quality
and service to our customers. On time, on spec, on cost.
The bidders during today's auction also included Grey Mountain,
a private equity firm in Colorado that will now serve as the
back-up bidder, and VI Industries, an affiliate of the Mexico-based
steel company Villacero.
Before the sale is complete, Vitro America in consultation
with the creditors committee must seek approval from the U.S.
Bankruptcy Court for the District of North Texas.
In Tuesday's exclusive
interview with USGNN.com, Vitro America chief executive
officer Arturo Carrillo had noted that, depending on the final
sale price and conditions, "there would be a very strong
possibility that all the suppliers recuperate monies owed in
Stay tuned to USGNN.com for more details as they emerge.
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