Assa Abloy Cleared to Move Forward with Agta Record Acquisition

Assa Abloy has received clearance by the EU Commission for the company to indirectly acquire 54% of shares in Swiss automatic door company Agta Record from shareholder Agta Finance. Assa Abloy is already a 39% shareholder. The acquisition is expected to close in the second half of 2020.

“Receiving the EU Commission’s approval is an important step toward completing the acquisition of Agta Record and we look forward to welcoming the Agta Record people to our group. This is a strategic addition to the Assa Abloy Group and will bring important competence, products and services to the group,” says Nico Delvaux, president and CEO of Assa Abloy. During the approval process in Europe, Assa Abloy has addressed the EU Commission’s competition concerns, including entering into binding agreements for the sale of certain Agta Record and Assa Abloy businesses to third parties.

The commitments include the divestiture of the Agta Record operations in the Netherlands, Austria, Hungary and Slovenia as well as the Assa Abloy automatic pedestrian door business in France and the UK. In addition, Agta Record´s high-speed door business in France will be divested. These divestments represent about 20% of total initial added revenue.

After the acquisition, Assa Abloy will own approximately 93% of the capital shares and voting rights of Agta Record. It will then launch a public tender offer for the remaining outstanding shares of the company.

TopBuild Acquires Cooper Glass

TopBuild Corp., an installer and distributor of insulation and building material products in the U.S., has acquired Cooper Glass Co. LLC, a commercial glass company serving the Memphis, Tenn., market. Cooper was founded 28 years ago by Martin Cooper, who will join TruTeam, a TopBuild company, and continue to manage this business. For the 12 months ended December 31, 2019, Cooper Glass generated approximately $9 million in annual revenue.

“Cooper Glass is a great addition to TruTeam and will broaden and enhance our existing $150 million glass installation business. We are pleased to welcome Martin to TopBuild and look forward to him growing our market share in the Memphis region,” says Jerry Volas, TopBuild CEO.

Saint-Gobain Divests Part of Glassolutions in Germany

Saint-Gobain has sold part of its glass transformation business, Glassolutions of Germany, to DIK Deutsche Industriekapital GmbH, a Berlin-based investment firm.

The divestment concerns seven sites: Bremen, Flensburg, Freiburg, Kiel, Murr, Potsdam and Rostock. These sites employ a total of 350 people and delivered sales of approximately $48.8 million (EUR 45 million) in 2019.

Saint-Gobain Glassolutions will remain present in Germany through its large glass transformation sites for industrial clients in particular, as well as its sites with specific areas of expertise such as solar glass or curved glass.

This divestment is part of Saint-Gobain’s continued portfolio optimization strategy in the context of its new organization to enhance the group’s growth and profitability profile, according to the company.

Voilàp Purchases Majority Share of Mecal

The Voilàp group has finalized an agreement to purchase 80% of the capital shares of Mecal, an Italian manufacturer of equipment for processing aluminum and light alloys.

Mecal is one of the principal manufacturers in the sector for aluminum processing equipment in Italy and internationally.

President Valter Caiumi says, “Mecal becomes part of our group and, as with previous experiences, Voilàp holding will implement strategies that will consolidate and strengthen the incoming brand, confirming the strategic guidelines already established. From an industrial point of view, Mecal will enable our group to use its impressive production structures and the top-level technologies in which it has effectively invested in recent years, allowing us to develop important synergies and consolidate Voilàp holding’s position of leadership.”

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