Tecnoglass Set to Go Public after Andina Merger
Colombia-based architectural glass and window manufacturer Tecnoglass has entered into a merger agreement with Andina Acquisition Corp. that will allow Tecnoglass to go public, according to a Dec. 9 joint company release. The current owners of Tecnoglass will retain majority ownership and control of the company, which includes Tecnoglass S.A. and C.I. Energia Solar S.A. E.S. Windows.
Shareholders will vote on the proposed business merger between Andina and Tecnoglass during the shareholders meeting to be held Friday, Dec. 20.
In the same joint release, the company’s provided 2014 forecast projections for Tecnoglass, including EBITDA of $42.7 million, and net income of $16.9 million. “Tecnoglass' projections for 2014 reflect better than forecasted growth in key markets, particularly the United States. The United States is Colombia's largest trading partner, and the two countries entered into the U.S.-Colombia Trade Promotion Agreement, a free trade agreement, in May 2012. The U.S.-Colombia Trade Promotion Agreement aims to improve the investment environment, eliminate tariffs and other barriers to U.S. exports, expand trade, and promote economic growth in both countries,” according to the release.