Saint Gobain acquires Pietta Glass

Saint-Gobain Strengthens Its Positions in Flat Glass in Romania

Saint-Gobain has acquired the entire share capital of Romanian company Pietta Glass Working, active in glass processing and insulating glazing systems for façade markets and certain industrial applications. Pietta Glass sales should reach €20 million in 2016, with a strong potential for growth over the next few years.

The Flat Glass business is already established in Romania with a float glass plant and a coater. This acquisition will allow the Group to expand the business’ industrial footprint in order to better serve the growing façade markets and round out its positioning in industrial applications with an optimised cost base. The transaction is consistent with the Group’s strategy of expanding its range of downstream products towards high value-added solutions.

 

About Saint-Gobain

Saint-Gobain designs, manufactures and distributes materials and solutions which are key ingredients in the wellbeing of each of us and the future of all. They can be found everywhere in our living places and our daily life: in buildings, transportation, infrastructure and in many industrial applications. They provide comfort, performance and safety while addressing the challenges of sustainable construction, resource efficiency and climate change.

 

Interview with Anca Maria Danilescu at Zamfirescu Racoti & Partners

Please tell me about your involvement in the deal?

Zamfirescu Racoţi & Partners, as legal advisor of the buyer, assisted Saint-Gobain during the entire take-over process. The multi-disciplinary team that we gathered for this project was involved in all phases of the transaction, starting with the conduct of the due diligence analysis regarding the target company, until the final registration of the shares transfer with the competent authorities. We actually dealt, together with our client, with any matter that a complex M&A operation usually presents: identifying any sensitive legal matters that could have interfered with the completion of the transaction, drafting and negotiating the transaction documents, helping and supervising the fulfilment of the conditions precedent, organising the closing of the deal and performing the due registrations with the local authorities.

 

Why is this a good deal for all involved?

We do believe that both parties and their respective consultants performed an in-depth analysis of all implications of the transaction. In the light of the above, we are confident that this was a good deal for both buyer and seller. Speaking of Saint-Gobain, this acquisition allowed the group to expand and strengthen its positioning on the façade markets. As for ZRP, we are happy that we have added to our M&A highlights another successful transaction.

 

What challenges arose? How did you navigate them?

We may not disclose, at this stage, the transaction structure. However, we confess that, due to certain particularities of the deal, we, as legal advisors, had to focus on various business and corporate matters that sometimes led to veritable clashes between the parties’ consultants, on the legal, but also on the financial side. Nevertheless, the parties flexibility, good-faith and strong will to finalise the deal helped us overcome such challenges and successfully close the take-over procedure. We hope that the implementation process which started immediately post-closing will be carried on smoothly and in a productive manner.

Leave A Reply