Tecnoglass Inc., a manufacturer of architectural glass, windows, and associated aluminum products for the global residential and commercial construction industries, has acquired selected assets of RC Aluminum Industries Inc. RC Aluminum designs, manufactures, and installs glass products for architects, designers, developers, and general contractors. Terms of the transaction were not disclosed.
According to the announcement, primary among the assets acquired by Tecnoglass are approximately $70 million in RC Aluminum backlog for high-rise projects in south Florida, all of which is expected to begin shipping by year-end 2014; the right to complete a number of RC Aluminum’s contracted projects in south Florida with an estimated value of approximately $12 million; and Miami-Dade Notice of Acceptance (NOA) for more than 50 products manufactured and sold by RC Aluminum.
The acquisition is expected to have a neutral impact to Tecnoglass’s earnings in 2014, but should be accretive beginning in 2015.
“We view this as an exceptional transaction for Tecnoglass. RC Aluminum was a primary competitor in south Florida for nearly 25 years, and we grew to respect their products, service and reputation,” says José M. Daes, CEO of Tecnoglass. “The $70 million of acquired backlog, as well as any products required to complete RC Aluminum’s current projects, will be fulfilled at Tecnoglass’s manufacturing facilities in Barranquilla, Colombia. The acquired NOAs, one of the most demanding certifications in our industry, will broaden our portfolio of hurricane-resistant products.”
Tecnoglass also hired Raul Casares, the founder and president of RC Aluminum and a 50-year industry veteran, as sales director for south Florida.
“Raul is an extremely well-respected executive in our industry, and we welcome him to Tecnoglass,” adds Daes. “We expect him to continue to leverage his industry knowledge and network of contacts in order to further expand Tecnoglass’s presence in the south Florida high-rise construction market.”