Tecnoglass Acquires Assets Of RC Aluminum Industries; Terms Not Disclosed

(RTTNews) - Tecnoglass, Inc. (TGLS) announced that it has acquired selected assets of RC Aluminum Industries, Inc. Terms of the transaction were not disclosed.

Tecnoglass stated that among the assets acquired are 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 right to complete a number of RC Aluminum's contracted projects in south Florida with an estimated value of about $12 million and Miami-Dade Notice of Acceptance or NOA for more than 50 products manufactured and sold by RC Aluminum.

Commenting on RC Aluminum, the company said it designs, manufactures, and installs glass products for architects, designers, developers, and general contractors.

Tecnoglass has also hired Raul Casares, the Founder and President of RC Aluminum and a 50-year industry veteran, as Sales Director for south Florida.