Oldcastle Buys Vistawall in $190 Million Sale
By Tami Faram
BlueScope Steel Ltd., is today announcing its sale of The Vistawall
Group to Oldcastle GlassŪ Inc., an architectural and commercial
glazing company. The $190 million sale will close on June 29, according
to BlueScope Steel.
USGNN reported on May 17 that the Vistawall sale to Oldcastle
Tom Harris, president of Vistawall, says he cannot comment on today's
sale. Oldcastle Glass president Ted Hathaway did not return our
Lance Hockridge, president of BlueScope Steel's North American
divisions says BlueScope is pleased with Vistwall's performance
but that "this was a portfolio decision, it's about our options,"
he says. "This is a good move for Vistawall," Hockridge adds. "We
believe Oldcastle can take Vistawall to the next level."
BlueScope bought Vistawall, its North American aluminum architectural
products company, headquartered in Terrell, Texas, in April of 2004
when it acquired Butler Manufacturing Company for $206 million.
The acquisition included Butler's divisions in North America and
China and Vistawall's businesses also in North America and China.
According to today's BlueScope announcement, it will continue to
own and operate the Butler businesses along with Vistawall's China
Competitors today say they are looking forward to the change.
"I don't think it [the Vistawall sale] has a major impact on the
industry, but only Oldcastle knows how they plan to work their strategic
initiatives and how they plan to blend all of their companies, says
Doug Ellerbrock, vice president of U.S. Aluminum.
"The big get bigger and your supplier becomes your competitor,
adds Bob Price, director of sales at J.E. Berkowitz. "A lot of people
are going to be out with these acquisitions, it becomes difficult
for small companies to compete."
"We welcome Oldcastle to the nationwide architectural aluminum
market, with Arch being a company that has provided both glass and
aluminum for almost 30 years," says Leon Silverstein, president
of Arch Aluminum & Glass. "We're flattered that they are following
Tami Faram is the assistant editor of USGNN.com/USGlass
HERE to read previous USGNN coverage of this business deal.
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