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 Glass Corp.

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 full."

Stay tuned to USGNN.com™ for more details as they emerge.

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