JSC “Valmieras stikla šķiedra” informs that at 4th October 2013 completed the deal for purchase of P-D Interglas Technologies Ltd (United Kingdom). Now being the affiliate of JSC “Valmieras stikla šķiedra” is the above mentioned company of fiber glass treatment renamed as Valmiera Glass UK Ltd.
We make known, that the payable sum of the purchase is EUR 10.001 Million, divided in two parts: EUR 6.0 Million by the stock transfer as asset of JSC “Valmieras stikla šķiedra” done at 4th October 2013, and the payment of EUR 4.001 Million being paid till 30th November 2014. The financing of the purchase deal is done with the participation of the bank with loan amount of 75% of purchase sum with the loan repayment in six years. As well as in the payable sum there are not included the EUR 3.0 Million for taking over the liabilities.
As mentioned previously due to the purchase of P-D Interglas Technologies Ltd (now – Valmiera Glass UK Ltd), JSC “Valmieras stikla šķiedra” expects to reach new markets and product segments as well as to participate by ensuring the aviation industry with glass fiber products. In long term it is planned to compete and even rebut the competition of other manufacturers, offering the products with higher added value and representing the segment of the market as manufacturer of products with higher added value.
JSC “Valmieras stikla šķiedra” sees a strong capability for growth, unifying the knowledge, experience and export possibilities of both companies as well as by making and developing new projects. With the purchase of affiliate Valmiera Glass UK Ltd the JSC „Valmieras stikla šķiedra” is positioning itself as a vertically integrated supplier of different composite materials for the aviation industry – from glass fiber production to impregnated / reinforced fabrics.
The management of JSC “Valmieras stikla šķiedra” informs that detailed results of 9 months 2013 will be announced according to the terms published by the company previously in the homepage of the Nasdaq OMX Riga http://www.nasdaqomxbaltic.com/.
Marika Nīmante
JSC „Valmieras stikla šķiedra” marketing project manager
Phone: 64202276, 26635509
Fax: 64281216
E-mail: Marika.Nimante@valmiera-glass.com
More information about company: www.valmiera-glass.com