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Latvia’s Valmieras Stikla Skiedra fiberglass company sells 33% stake in Valmiera Glass USA Corp to parent company

BC, Riga, 22.09.2016.Print version
Latvia’s Valmieras Stikla Skiedra fiberglass maker has signed an agreement with its parent company P-D Management Industries-Technologies GmbH on sale of a 33% stake of Valmiera Glass USA Corp., according to a statement submitted to the Nasdaq Riga stock exchange.

Valmieras Stikla Skiedra sold P-D Management Industries-Technologies GmbH 33% of the shares of the company Valmiera Glass USA Corp. with a total value of USD 1,326,600.


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 Skiedra, and, as provided for by the concluded agreement, the transfer of funds is to be performed within a period of 90 days from the day of signing of the agreement or September 12.

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 Andre 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.

Valmiera Glass Group comprises parent company Valmieras Stikla Skiedra and its three subsidiaries: Valmiera Glass UK Ltd. in the United Kingdom, Valmiera Glass USA Corp. and Valmiera Glass USA Trading Corp. in the United States.

Valmieras Stikla Skiedra shares are quoted on the Secondary List of the Nasdaq Riga stock exchange.


The company’s largest shareholders are P-D Glasseiden Oschatz GmbH and Vitrulan International GmbH.






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