Metro Performance Glass acquires competitor for $43.1M

Company News

by David Chau

Metro Performance Glass Ltd (ASX:MPP) has entered a conditional agreement to acquire all the shares in Australia’s third largest glass processor in Victoria and NSW.

If this agreement is finalised, Metro will pay $43.1 million to buy Australian Glass Group (Holdings) Pty Ltd.

Metro expects this transaction to be completed by the end of this month.

The company also says the acquisition will be fully debt funded, and that it had to refinance its existing bank facilities for a 3 year term – increasing interest bearing liabilities to $100 million NZ Dollars.

Metro recorded a net profit of $18.5 million at 31 March 2016.

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