Cleary Gottlieb is advising Vitro, the leading glass producer in Mexico, in its announced acquisition of the business assets of the flat glass manufacturing and glass coating operations of PPG Industries, a U.S. Fortune 500 company and global supplier of coatings, chemicals and glass.
Announced on July 21, 2016, the transaction, valued at approximately $750 million, includes four plants in the U.S. and four fabrication facilities in Canada. It will transform Vitro into a world leader in technology for the flat glass industry and will expand the company’s presence in the U.S. and Canadian markets for glass products used in commercial and residential construction. The transaction is expected to close by the end of 2016.
Last year, Cleary advised Vitro on the $2.15 billion sale of its food and beverage glass containers business to Owens-Illinois. The firm also was previously involved in Vitro’s global debt restructuring, which closed in 2013.