Mergers & Acquisitions

Volume 38, Issue 5, May 2003

Mergers&Acquisitions

Oldcastle Acquires Southwest Aluminum

Oldcastle Glass of Santa Monica, Calif., has announced the acquisition of Southwest Aluminum Systems of Chandler, Ariz.

“Southwest Aluminum represents an excellent fit with Oldcastle Glass,” said Ted Hathaway, Oldcastle chief executive officer. “Both companies share a keen focus on providing our customers quality and unmatched service. Additionally, Southwest Aluminum offers Oldcastle Glass a solid foundation for expanding the capabilities, product offerings and geographic reach. In time, this acquisition will enable us to provide an impressive array of value-added, branded products and services that incorporate both advanced glass products and leading-edge aluminum glazing systems to the architectural and building communities.”

Kurt Popkins, who co-founded Southwest Aluminum in 1982 with his father and other family members, will serve as general manager of Southwest Aluminum.

“Oldcastle Glass provides Southwest Aluminum with new capabilities and resources to draw upon. This will strengthen Southwest Aluminum as we look for ways to enhance our product offerings and further improve service levels,” said Popkins.

Virtek Acquires FOBA Technology + Services

Virtek Vision International Inc. of Waterloo, Ontario, has acquired 75 percent of FOBA Technology + Services GmbH of Ludenscheid, Germany through a wholly owned subsidiary. It has also acquired the business assets of FOBA North America Laser Systems LLC of Lee’s Summit, Mo., from the HASCO Group for $6.8 million CND.

Virtek paid $2.4 million CND ($1.65 million USD) on closing, and will make payments to the HASCO Group over the next three years that include $800,000 CND ($550 million USD) as part of the purchase price and $912,000 CND ($626,700 USD) for the business assets of FOBA N. A.

FOBA designs, manufacturers and sells lasers and laser-based products.

USG