- June 16, 2021
- Posted by: Stratford Team
- Category: Business
Cardinal Glass Industries, out of Eden Prairie, Minn., has signed a contract to acquire the assets of AGC Glass in Churchill, Tenn.; Abingdon, Va.; and Spring Hill, Kan. The value of the transaction will be approximately USD $450 million and is subject to regulatory review and approval.
AGC, headquartered in Japan, announced the earliest closing would be July 2021.
“Under the medium-term management policy, AGC plus-2023, announced in February this year, the company has strived to improve the profitability and asset efficiency of its architectural glass business, which have been designated as a priority,” reads a statement from AGC. “AGC concluded that it would create further growth opportunities by transferring to Cardinal Glass Industries. Cardinal has business trading experience with AGC in the past and is expected to make the most effective use of its assets and personnel.”
In its announcement, Cardinal says the deal lets it expand its…
