Architectural glass developer Tvitec completed the acquisition of Cricursa, a world leader in the manufacture of curved glass. The news follows a turbulent year for the Spanish curved-glass company, which filed for bankruptcy in December 2021 amid mounting debt.
“Two of the most emblematic architectural glass manufacturing companies in the world will now work in collaboration to create new synergies and elevate the levels of quality, precision, innovation, prices and service that have already made Tvitec a sector leader in all markets,” Tvitec said in a statement.
Tvitec reportedly offered around $15.6 million* for Cricursa in February. The offer was reported to include the company and 125 employees of the workforce, which totaled nearly 300 at the time, according to La Vanguardia, one of Spain’s main newspapers. The offer was accepted in April and formalized on June 8, 2022.
According to Tvitec, Cricursa is in the process of merging its capacities and capabilities, including the start-up of factories in Granollers and La Sentiu. The performance of the factories will be gradually ramped up over time.
“Tvitec is looking firmly to the future with this unique new model for marketing large-format, high-performance curved glass, enabling the production of solutions as beautiful as they are innovative and designed to contribute to more sustainable construction, energy-saving and environmental preservation,” Tvitec said in a statement.
The saga started following the news in December that Cricursa, which is based in Barcelona, Spain, filed for bankruptcy with reported debts of $68,595,300*, according to El Nacional. The news of the bankruptcy caused the government of Lleida, a province in northeast Spain, to call for the liquidation or the sale of the company. According to reports, Tvitec soon thereafter submitted a preliminary offer.
The acquisition combines two prominent glass companies that have completed projects across the globe. Cricursa’s and Tvitec’s work includes One Manhattan West in New York, Brookfield Place in Calgary, the Google campus in Bay View, and the La Samaritaine in Paris.
Tvitec was founded in Spain in 2008. The company specializes in developing glazing materials for facades, windows, tempering, lamination, screenprinting, and double and triple glazing. It is headquartered in Cubillos del Sil (León).
“Tvitec is looking firmly to the future with this unique new model for marketing large-format, high-performance curved glass, enabling the production of solutions as beautiful as they are innovative and designed to contribute to more sustainable construction, energy saving and environmental preservation,” Tvitec said in a release.
*indicates figures that have been converted from Euros to U.S. Dollars.