EU – Baltic States, Latvia, Markets and Companies, Mergers and take-overs

The British company makes fiberglass products for aviation, thermal insulation and architecture. In 2012 the company posted EUR 20 million (LVL 14 million) in turnover.

"The purchase of P-D Interglas Technologies is one of the ways the Valmieras stikla skiedra is continuing to strengthen and expand the production of fiberglass and fiberglass products in the world. We see a strong capability for growth, unifying the knowledge, experience and export possibilities of both companies as well as by making and developing joint projects. By working together we are expecting to strengthen our positions, especially in the aviation industry," said Valmieras stikla skiedra CEO Andris Oskars Brutans.

Valmieras stikla skiedra board's decision to conclude the contract for acquisition of P-D Interglas Technologies is supported also by the Valmieras stikla skiedra supervisory board.

Valmieras stikla skiedra announced previously that it was planning to achieve LVL 62.87 million in turnover this year and LVL 5.17 million in profit.

Last year, the company's turnover amounted to LVL 49.9 million and net profit to LVL 2.75 million.

Valmieras stikla skiedra was established in December 1996. At the moment, the company belongs to Vitrulan International GmbH – 36.20% of shares, P-D Glasseiden Oschatz GmbH – 26%, P-D Management Industries-Tehnologies GmbH – 23.93%.