NZ company acquires Australian Glass Group

www.australianglassgroup.com.au

Auckland-based Metro Performance Glass has bought Australian Glass Group for $43.1 million.

The Australian Financial Review reported last night that a deal was imminent, with the New Zealand-listed company’s purchase advised by KPMG Corporate Finance.

AGG began in 2008, has factories in Melbourne and Sydney. It sells to residential and commercial construction developments in Australia’s southeast, with most sales from new detached homes and alterations.

NBR reports that the company said it saw strong opportunities in double glazing.

“Metro Glass produces significantly more double-glazed units week to week than any other player in Australia or New Zealand and has developed considerable manufacturing and distribution core competencies, which combined with our expertise in processing high-performance glass will benefit the AGG business and its customers,” said MPG CEO Nigel Rigby.