Valmieras stikla šķiedra JSC concludes agreement with P-D Management Industries-Technologies GmbH

22. September, 2016

On 12 September 2016 an agreement was concluded between Valmieras stikla šķiedra JSC and company P-D Management Industries-Technologies GmbH on the sale of the part of the shares of the company owned by Valmieras stikla šķiedra JSC - Valmiera Glass USA Corp.

Valmieras stikla šķiedra JSC sold P-D Management Industries-Technologies GmbH 33% of the shares of the company Valmiera Glass USA Corp. with a total value of 1 326 600 USD. The shares will devolve into the ownership of P-D Management Industries-Technologies GmbH at the moment when the entire transaction amount is transferred to the bank account of Valmieras stikla šķiedra JSC, and, as provided for by the concluded agreement, the transfer of funds is to be performed within a period of 90 (ninety) days from the day of signing of the agreement.

As a result of this transaction, the US company has acquired a new firm name – P-D Valmiera Glass USA Corp. As pointed out by the President of Valmiera Glass Group A. Schwiontek: “Our parent company P-D Management Industries-Technologies GmbH was attracted as an investor, in order to promote the further development of the company. The US company still remains one of our Valmiera Glass Group companies, and we are in the process of planning further investments in the US company and will inform you on the progress later”.

Selling of the shares of Valmiera Glass USA Corp. will not affect the financial performance of Valmiera Glass Group and this year the Group plans to achieve the already announced consolidated net turnover and profit forecast for this year.