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Fortissimo makes move to buy Israel's Phoenicia Flat Glass from Guardian

Post Time:Oct 22,2012Classify:Industry NewsView:77

Phoenicia Flat Glass' court-appointed trustee will submit an offer from Fortissimo, October 23, to buy the company from Guardian Industries Inc. for NIS 170 million (about $44 million) and to implement a strategic restructuring of the troubled company, according to a recent Globes article.Fortissimo is anIsraeli private equity investment group.

According to the article, Fortissimo believes that the investment will be worthwhile, saying that Phoenicia Flat Glass, which has a plant worth $150 million, was profitable until recently and swung to a loss due to higher energy prices and lower glass prices.

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Source: http://www.glassmagazine.com/news-item/fabrication/fortissimo-makes-move-buy-israels-phoenicia-flat-glass-guardian-1210397Author:

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