Tecnoglass Inc (NASDAQ:ANDAU), a manufacturer of architectural glass and windows, has acquired selected assets of RC Aluminum Industries. RC Aluminum designs, manufactures, and installs glass products for architects, designers, developers, and general contractors.
Terms of the transaction weren’t disclosed. The assets include approximately $70 million in RC Aluminum backlog for high-rise projects in south Florida, all of which is expected to begin shipping by year-end 2014. The assets acquired also include the right to complete a number of RC Aluminum’s contracted projects in south Florida with an estimated value of approximately $12 million and Miami-Dade Notice of Acceptance for more than 50 products manufactured and sold by RC Aluminum.
The acquisition is expected to have a neutral impact to Tecnoglass’s earnings in 2014, but should boost its earnings beginning in 2015, the company said. Shares were down 0.3% at $12.25 in recent trading shortly after market opened Monday. The stock, which previously was under the name Andina Acquisition Corp., has traded between $8.15 and $15 over the past year.
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