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Financials
Business headlines
Xinyi Glass buys laminated glass subsidiary from competitor
China’s Xinyi Glass Holdings acquired laminated glass company Shenzhen China Southern Automobile Glass, also of China, for $30.6 million, according to an Oct. 31 article from the South China Morning Post. Xinyi Glass purchased the subsidiary from competitor China Southern Glass.
Officials at Xinyi say the deal will help strengthen the company’s global market position, increasing turnover by a projected $300 million, according to the article.
Xinyi share prices increased 4.61 percent in response to the deal, according to a same-day report from CNNMoney … read more
PGT revenues down 26.5 percent in third quarter
Revenues for PGT Industries of Venice, Fla., continued to drop in the third quarter, falling $7.5 million, or 9.4 percent, from the second quarter, according an Oct. 31 company earnings report. Revenues were down $26.1 million, or 26.5 percent, compared to third quarter 2006 … read more
Atis Group acquires Phoenix Glass
Atis Group of Montreal announced the purchase of Phoenix Glass in Annacis Island, south of Vancouver, BC in an Oct. 29 release … read more
Solutia secures $2 billion to exit bankruptcy
Despite tightened lending restrictions, Solutia Inc. of St. Louis managed to obtain a $2 billion bankruptcy-exit loan from Citigroup, Goldman Sachs, and Deutsche Bank Securities Inc. Solutia’s reorganization plan includes an arrangement with former parent Monsanto Company, also of St. Louis, to repay between 83 percent and 89 percent of debt to unsecured creditors... read more
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