Volume 41, Issue 2 February 2006
Mergers & Acquisitions
Oldcastle Glass Acquires Texas Wall Systems Inc.; New Division Formed
Oldcastle Glass, headquartered in Santa Monica, Calif., has acquired Dallas-based Texas Wall Systems Inc., a provider of high-performance curtainwall systems and engineering services for commercial, institutional and multi-story condominium construction markets.
Texas Wall Systems will become part of Oldcastle Glass’ engineered products division, which was created by incorporating several Oldcastle Glass companies into one unit. Included in the new division are Fulton Windows, Southwest Aluminum Systems and Oldcastle Glass Retail Storefronts.
“Texas Wall Systems is a very attractive acquisition and is an ideal fit within our new Engineered Products division,” said Ted Hathaway, chief executive officer of Oldcastle Glass. “It is a superb company that is well-positioned for growth. This acquisition significantly broadens our product offering.”
“Oldcastle Glass provides Texas Wall Systems with a depth of capabilities and financial resources to draw upon,” said Larry Long, president of Texas Wall Systems. “This partnership will strengthen our company as we enhance our product offerings, further improve service levels and bring greater value to our customers.”
Long, who has been with the company since 1981 will continue to serve as president of the company.
Applied Films Acquires Vacuum Coating Technologies
Applied Films has acquired Vacuum Coating Technologies (VACT), based in Fairfield, Calif. VACT manufactures and services thin film deposition equipment for the architectural and automotive glass market.
This acquisition adds local manufacturing presence, new customers, new products and technology Intellectual Property to Applied Films and enhances the glass customer service in the United States, according to the company release. The purchase price for VACT was a 50/50 cash-stock deal totaling $27.75 million.
Separately from the VACT acquisition, the company also announced that it is selling its 50 percent coating glass stake in its China glass coating joint venture Suzhou NSG AFG Thin Film Electronics Co. Ltd. to its joint venture partner Nippon Sheet Glass. Applied Films says the coating of the glass is no longer core to the business and its strategy of growing its equipment business.
Taylor Acquires Premium Glass Inc.
Taylor Building Products Inc. has acquired Premium Glass Inc., a Lancaster, Ohio - based producer of clear and decorative doorlites. In announcing the merger, Ignacio (Nick) Cangialosi, owner and chairperson of Taylor Building Products, said the two companies have had a synergistic working relationship since 2001, when Premium Glass became the prime supplier of glasslites for Taylor Door.
“The merger will strengthen our working relationship with dealers and distributors, and enable us to speed the development of new products to the market,” said Cangialosi. “Our focus will continue to be the manufacturing and marketing of high-quality, well-engineered building products, reliably delivered and competitively priced.”
According to Cangialosi, manufacturing and distribution of products will continue in both West Branch, Mich. and Lancaster, Ohio.
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