SAGE Electrochromics to become wholly owned subsidiary of Saint-Gobain
Saint-Gobain has agreed to purchase all outstanding shares of SAGE Electrochromics, Inc. and will own 100 percent of the company upon completion of the transaction, according to a May 9 release. The move follows Saint-Gobain's 2010 announcement that it would invest $80 million in the electrochromics glass manufacturer. While SAGE will be a wholly owned subsidiary of Saint-Gobain, its portfolio will continue to go to market under the SageGlass brand.
The acquisition will help SAGE expand into international markets, develop new products and complete construction of its new manufacturing facility in Faribault, Minn., scheduled to start production in January 2013, according to the release.
“Through this action, Saint-Gobain underscores its goal to be the reference in sustainable habitat by developing innovative solutions capable of revolutionizing the habitat market,” said Pierre-André de Chalendar, chairman and CEO of Saint-Gobain, in the release. “The result of many years of research, SAGE’s products and technologies complement our portfolio of materials."
“We are delighted SAGE is joining Saint-Gobain’s portfolio of innovative glass and building materials,” said John Van Dine, SAGE CEO and founder, in the same release. “They have been an outstanding partner the past two years, contributing technical and manufacturing expertise, financial support and strategic guidance to the SAGE team, as well as offering access to the company’s research centers.”