Saint-Gobain Announces Sale of Glass Processing Business in Portugal
Porto, Portugal – Saint-Gobain, a global leader in the building materials industry, has recently reached a significant milestone with the signing of a binding agreement to divest its glass processing business in Portugal, known as COVIPOR. The buyer, PNI Portugal & Permanente SA, is set to acquire the business, marking an important step in Saint-Gobain’s ongoing business optimization strategy.
Under the agreement, COVIPOR, which achieved impressive sales of approximately EUR 20 million in 2022, will transition to new ownership. The business comprises two industrial sites located in the Porto area and currently employs around 100 skilled professionals.
This strategic divestment aligns with Saint-Gobain’s overarching vision to optimize its business portfolio and drive sustainable growth. The transaction forms an integral part of the company’s “Grow & Impact” strategic plan, which aims to position Saint-Gobain as a leading provider of innovative and sustainable solutions in the global building materials market.
The successful completion of this transaction is contingent upon obtaining clearance from the Portuguese antitrust authority. Subject to regulatory approval, the closing is expected to take place in the third quarter of 2023, marking an important milestone in the journey of both Saint-Gobain and the acquiring company.
Saint-Gobain remains committed to delivering value to its stakeholders through its continued focus on strategic initiatives and operational excellence. The sale of COVIPOR underscores the company’s dedication to optimizing its business profile and driving sustainable growth in the evolving market landscape.
For more information about Saint-Gobain and its portfolio of innovative solutions, visit the company’s official website.
Source: Saint-Gobain with additional information added by Apazone