Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, June 2, 2023

Article Excerpt

TECNOGLASS INC., $40.75, symbol TGLS on New York, is a leading producer of architectural glass, windows, and associated aluminum products serving the multi-family, single-family, and commercial end markets. Tecnoglass is the second largest glass fabricator serving the U.S. and the #1 architectural glass transformation company in Latin America. Located in Barranquilla, Colombia, the company’s 4.1 million square foot, state-of-the-art manufacturing complex provides access to nearly 1,000 customers in North, Central and South America, with the U.S. accounting for 96% of total revenues. Tecnoglass’ tailored, high-end products are found on some of the world’s most distinctive properties, including One Thousand Museum (Miami), Paramount (Miami), Salesforce Tower (San Francisco), Via 57 West (NY), Hub50House (Boston), Aeropuerto Internacional El Dorado (Bogotá), One Plaza (Medellín), and Pabellon de Cristal (Barranquilla). The company announced on May 17, 2023, that Energy Holding Corp., the owner of 54.8% of its shares outstanding, would sell two million Tecnoglass shares on the stock market for $43 each. That reduces its ownership to…