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Tecnoglass Enters Into Strategic Joint Venture Agreement with Saint-Gobain

 – Tecnoglass to Purchase Minority Stake in Saint-Gobain’s Existing Colombia-Based Float Glass Operation – 

– JV Partners to Build New State-of-the-Art Facility Near Tecnoglass Headquarters – 

– JV to Provide Ample Access to Float Glass Supply, Reduces Procurement and Other Operating Costs and Expands Vertical Integration Strategy to Nearly Entire Production Process – 

BARRANQUILLA, Colombia – January 11, 2019 – Tecnoglass Inc. (NASDAQ: TGLS) (“Tecnoglass” or the “Company”), a leading manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries, today announced that it has entered into a joint venture agreement with Saint-Gobain, through the planned purchase of a minority ownership interest in Vidrio Andino, a Colombia-based subsidiary of Saint-Gobain with annualized sales of approximately $100 million. Saint-Gobain, headquartered in Courbevoie, France, is a worldwide manufacturer and distributor of high performance materials and solutions in the building, transportation, infrastructure and industry markets with 2017 sales of $46.1 billion. 

Vidrio Andino has been selling glass in Colombia and the region since 1997 and began production at its manufacturing facility located near Bogotá, Colombia in 2013, becoming the main supplier of float glass to Tecnoglass since that time. The joint venture will significantly augment Tecnoglass’ vertical integration strategy by allowing it to acquire an ownership interest in one of the first stages of its production supply chain, guaranteeing stable long-term float glass supply and improving purchasing economics for a significant portion of its float glass sourcing over time. 

Building on more than 20 years of success, Vidrio Andino also plans to build a new state-of-the-art, technologically-advanced glass manufacturing facility in Galapa (nearby Barranquilla), which is located approximately 12 miles from Tecnoglass’ existing production facilities. The new facility will have nominal production capacity of approximately 750 metric tons per day of float glass. Upon the expected completion of the new Galapa facility in 2021, Tecnoglass will benefit from the following factors: 

Access to ample float glass supply for anticipated growth, with Vidrio Andino more than doubling its float glass production nominal capacity 

Reduced purchasing costs through expanded scale in its float glass procurement, elimination of raw material waste, and lower inbound transportation costs given Galapa’s closer proximity to Barranquilla 

Control of nearly its entire production process, driving increased efficiency to provide enhanced service and improved lead times to customers 

José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “We are excited to partner with Saint-Gobain and to develop one of the most advanced and efficient glass production facilities in the world near our own plant network. This investment reinforces our vertical integration strategy and positions Tecnoglass to capture benefits from nearly the entire value chain of our high-quality architectural glass production. The joint venture secures our float glass supply and will generate significant synergies for years to come.” 

Xavier Pinot, General Manager of Vidrio Andino, commented, “Over the past several years, Vidrio Andino has built a powerful brand and a trusted reputation for excellence as a glass supplier of choice in Latin America. By 

combining Saint-Gobain, a world leader in the manufacturing of float glass, with Tecnoglass’ proven high quality manufacturing acumen, Vidrio Andino will be able to accelerate its penetration in the region.” 

The Company’s investment for the minority interest in Vidrio Andino is approximately $45 million, which is expected to be funded with cash of approximately $34 million plus land contributed at an aggregate value of approximately $11 million. Tecnoglass intends to fund the cash portion of the transaction with cash on its balance sheet and readily available lines of credit, while maintaining a pro forma net leverage position in line with recent quarters. The transaction is expected to be completed in the second quarter of 2019. 

The initial $45 million investment into the joint venture from Tecnoglass will be used to fund a portion of the construction cost for the new manufacturing facility near Barranquilla, which is expected to total approximately $160 million through 2022. The remainder of the construction cost is expected to be funded primarily through operating cash flow from the existing manufacturing facility in Bogota, debt borrowed at the joint venture level and pro-rata capital contributions from the shareholders over the multi-year construction period. 

The description of the transaction contained herein is only a summary and is qualified in its entity by reforms to the definitive transaction documents, copies of which will be filed by Tecnoglass as exhibits to a Current Report on Form 8-K and which can be obtained, without charge, at www.sec.gov. For additional information on the terms of the transaction, investors are directed to review the Current Report on Form 8-K. 

About Tecnoglass 

Tecnoglass Inc. is a leading manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries. Tecnoglass is the #1 architectural glass transformation company in Latin America and the second largest glass fabricator serving the United States. Headquartered in Barranquilla, Colombia, the Company operates out of a 2.7 million square foot vertically‐integrated, state‐of‐the‐art manufacturing complex that provides easy access to the Americas, the Caribbean, and the Pacific. Tecnoglass supplies over 900 customers in North, Central and South America, with the United States accounting for more than 75% of revenues. Tecnoglass’ tailored, high‐end products are found on some of the world’s most distinctive properties, including the El Dorado Airport (Bogota), 50 United Nations Plaza (New York), Trump Plaza (Panama), Icon Bay (Miami), and Salesforce Tower (San Francisco). For more information, please visit www.tecnoglass.com or view our corporate video at https://vimeo.com/134429998. 

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. With 2017 sales of $46.1 billion, Saint-Gobain operates in 67 countries and has more than 179,000 employees. For more information about Saint-Gobain, visit www.saint-gobain.com and the twitter account @saintgobain. 

Forward Looking Statements 

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Tecnoglass’ current expectations or beliefs and are subject 

to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Tecnoglass’ business. These risks, uncertainties and contingencies are indicated from time to time in Tecnoglass’ filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that Tecnoglass’ financial results in any particular period may not be indicative of future results. Tecnoglass is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events and changes in assumptions or otherwise, except as required by law. 

Investor Relations:
Santiago Giraldo
Chief Financial Officer 
investorrelations@tecnoglass.com 

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Tecnoglass COO Christian Daes Is Striving for Greater Vertical Integration and Further Expansion into the United States

Barranquilla-based window-maker Tecnoglass (NASDAQ:TGLS, BVC: TGLSC) is an undeniable success story in Colombia. It is a manufacturer that exports the bulk of its products to the United States in a country not known for export-oriented manufacturing.

Christian Daes, the company’s chief operating office, told Finance Colombia that there really is no secret: Tecnoglass simply manufactures windows for the U.S. market and then delivers them with higher quality and at a lower price than the competition.

He recognizes that not enough Colombian companies have been able to replicate this model to take advantage of the free-trade agreement with the United States.

But the company wastes no time lamenting that fact. Instead it has continued making acquisitions and setting up operations in the United States since becoming a publicly traded company on NASDAQ in addition to its listing on the Colombian stock exchange, Bolsa de Valores de Colombia (BVC).

“I don’t show results quarter after quarter to make anybody happy. I plan for the long run.” – Christian Daes, COO of Tecnoglass (Photo credit: Liliana Padierna)

Daes recently sat down for an extended interview with Loren Moss, executive editor of Finance Colombia, to discuss the early history of the Tecnoglass, its recent acquisition of Giovanni Monti and Partners Consulting and Glazing Contractors (GM&P), ongoing efforts for greater vertical integration, further expansion into the United States, and why Barranquilla is set to rise again as a business hub.

Christian Daes: We began in 1984 making solar water heaters, but then soon after we started the company, natural gas came in pipes in Barranquilla, and obviously the natural gas people began to distribute the natural gas heaters for water at a very low price and financed from 12 to 24 months to incentivize people to use natural gas.

Christian Daes: We began in 1984 making solar water heaters, but then soon after we started the company, natural gas came in pipes in Barranquilla, and obviously the natural gas people began to distribute the natural gas heaters for water at a very low price and financed from 12 to 24 months to incentivize people to use natural gas.

Obviously we had our first crisis there. We were using glass and aluminum to make the solar water heaters, and so we decided that maybe making aluminum windows would be a good deal. We began making aluminum windows. We began to grow the company.

By 1990, we were doing a couple of million dollars in sales. By 1994, we were already doing $15 million USD, and we were already a national company selling in Bogotá, Medellín, Cali, Cartagena, La Guajira, and Santa Marta. So, we were buying a lot of glass. We decided to put our own template facility.

“Our sales were up to $50 million USD by 2006, and we decided that it was time to establish our own aluminum company to continue with our vertical integration.” – Christian Daes

At the beginning, the name was “Energia Solar,” so Tecnoglass started as a company to supply the glass to Energia Solar. When we finished the plant that was ready to start in 1995, Colombia was in the middle of a construction crisis. Crises have always changed our path — or our future — which is good because every time we have had a crisis, we have become a much better company.

Since we didn’t have anybody to sell the glass to — because Colombia was in a construction crisis — we went to the U.S. to try to open a market, and we found the perfect partner in the U.S. called RC Aluminum and Mr. Raul Casales. We started making glass for him. We did the first job, and then he saw the quality of our products and he began to expand — to buy more from us. Then we asked him why he didn’t send me the aluminum and I would cut the aluminum, assemble his windows and put my glass in and ship them to the U.S., which he agreed to and we started with the job in 1997.

We began to develop the business over the years. In 2000, the hurricane law they passed in Miami-Dade County obligated everybody to use hurricane-proof glass. We were ready to invest in the new laminating facility. We expanded five times in the next five years. Our sales were up to $50 million USD by 2006, and we decided that it was time to establish our own aluminum company to continue with our vertical integration.

When we had the aluminum factory ready in 2007, the U.S. was in the middle of a crisis, and we used to sell 90% of our production to the U.S. and 10% to Colombia. So we had to come up with new products for Colombia and for Panama, and we were able to grow from $50 million USD in sales to $120 million USD by the time the crisis was over in the U.S.

So that means that the crisis helped us to really grow and expand our sales into other markets where we were not selling before. Then, in 2013, we decided to go into the NASDAQ market, and the reason why we did so was because we felt that was the only way to really expand in the U.S.

We were playing local in Miami, but it wasn’t so easy to sell in New York or in Ohio or in Chicago or in Los Angeles because people said, “Who are you? How do I know you are going to deliver?”

So, when we entered the NASDAQ market, the stock market, we had that in mind — and it paid off because we were doing $120 million USD and today we are going to do approximately $350 million USD in sales, which means that it helped the purpose.

“We want Barranquilla to be known in the future as the capital of windows in the world. Whenever anybody thinks about a window or a piece of glass, they should have Barranquilla in mind.” – Christian Daes

Loren Moss: That’s interesting. I remember when you were in Medellín recently, I was at a talk that you gave and you talked about how difficult it was to break into the U.S. market.

There were people that you talked to that really didn’t want to trust you and had never thought about Colombia as an exporter of glass, and when you shipped them glass and they measured the quality, that they would probably check it even more stringently than if they had bought it domestically. How hard has it been to overcome at least any initial perceptions with people not thinking of Colombia as a traditional export manufacturing source?

Christian Daes: It’s very difficult. Getting a product from Colombia that is not a traditional product — like windows and glass — to a U.S. market was the most difficult thing that we have ever done.

There is an ASTM standard that you have to follow for quality in glass, and when we got to the U.S., the standard was not being used to check glass. But the standard says that you should the check 3 meters, or 9 feet, away from the glass, and if you don’t see the defect, the defect is not there, and our glass was being looked at from 3 inches with a magnifying glass to see if they could find anything.

So that taught us to be even better, to make an even better product and become a stronger company quality-wise, and that’s why we have the best quality in the industry. That’s why our slogan is “The Power of Quality.” That taught us a lesson to be the best.

Loren Moss: We’ve followed Tecnoglass for some time, and your glass is used in some very marquee properties: airports, high-rise hotels, universities — not just in the U.S. and here in Colombia, but even in Panama and other countries. How do you see the potential for growth? Obviously, the U.S. is a wide-open market for you, but then in other countries, whether those are nearshore countries here in the Americas or the Caribbean or even across the ocean. Is there a potential there or is there still so much of a market opportunity in the U.S. and Colombia to be exploited?

Christian Daes: Definitely the U.S. is such a big country and a powerful buyer that we still have a lot of growth to do in the U.S. The market for windows in the U.S. is over $30 billion USD, and we are hardly making 200 and some million dollars in sales. So that means there is still a long way for us to go.

But we are also looking to many other markets, even Colombia continues to be a very strong market for us. Panama, Bolivia, Ecuador, Argentina, Chile. And we want Barranquilla to be known in the future as the capital of windows in the world. Whenever anybody thinks about a window or a piece of glass, they should have Barranquilla in mind, and that’s what we’re trying to build here. Now that you are here, you can see the magnitude of the facility that we have in Colombia. This is 90 acres of land. This is 3 million square feet of factory.

Loren Moss: Usually when people outside of Colombia hear “Colombia” they think of Bogotá and they think of Medellín and they might think of Cartagena for tourism. Barranquilla is a large port city. Even though there’s a lot of domestic manufacturing here, it’s interesting that you guys have staked your claim here in Barranquilla. Besides being a major port city, what are the advantages of this particular city on Colombia’s Atlantic coast?

Christian Daes: The best thing about Barranquilla is not only that it’s positioned in a strategic place. Because obviously, being less than three days away by boat from Miami — or five days from Houston or 10 days from L.A. or seven days from New York — that’s a very powerful place to be when you want to export, especially to the U.S. market.

“The U.S. is such a big country and a powerful buyer that we still have a lot of growth to do in the U.S. The market for windows in the U.S. is over $30 billion USD.” – Christian Daes

But in the end, it’s the people in Barranquilla. People in Barranquilla are different. They are relaxed, happy, hardworking, and they learn anything quickly. It helps when getting into this type of business that you don’t learn at university.

For finance, you can go to university and learn how to work the finance side or accounting of administrative issues or the calculations of a civil engineer. But to make windows, there is not a university. This is something that you teach from one person that knows to the next one.

And Barranquilla has proven to be the perfect place to be because the environment where we work is a happy environment. One of the things that surprises most of the visitors when they come over from the U.S. is that people are so young, people are so happy at work, and people can deliver what they promise that they can do.

Loren Moss: I’ve only been here in the city a few times, but it seems to have a very good infrastructure, very good roads as far as capacity compared to even other cities in Colombia. Why is it that Barranquilla’s message has not gotten out? Why is it that Barranquilla doesn’t have maybe the fame that some of the other large cities in Colombia have?

Christian Daes: Well, because we were for many years behind in many things. But lately we have had four mayors in a row that have been very good to Barranquilla and that have really turned Barranquilla around.

If you talk to anybody in Colombia, they will tell you that Barranquilla, within the next 10 years, will be within the first two, the first three in Colombia. Why? It’s because we are getting back on track. Barranquilla’s nickname is “The Golden Doorway of Colombia.” Why was Barranquilla called the Golden Door of Colombia? Because everything came through Barranquilla.

When the Wright brothers began to fly in North Carolina in 1912, the first plane landed in Barranquilla. The first airmail was in Barranquilla. Soccer came in through Barranquilla, radio stations came in through Barranquilla. The traffic-light system? Through Barranquilla. The first Olympic stadium? In Barranquilla. The first public water-treatment plant was in Barranquilla. The development of Colombia came in through Barranquilla.

But then, we had a problem. We had a guy who was very industrious, Julio Mario Santo Domingo, and he had the beer company. He had 20 companies in Barranquilla. But then he decided to move to Bogotá. Not the companies, but he began moving his people to Bogotá, and then he sold the companies and he moved to New York. And people in Barranquilla got used to being employees and not being entrepreneurs. And then we lost like 20 or 30 years because of that.

Tecnoglass is an example of what Barranquilla is capable of doing. We would love for Barranquilla to be more industrious, to have more industry. And I’m saying “we” because I feel like I am the mayor of Barranquilla. I want the city to do better, and I always talk to the mayor and to the governor of the Atlantico department. I want them to approach companies and tell them that Barranquilla is the place to be.

Loren Moss: Are there other major companies that are headquartered here in the Barranquilla region that might be export-oriented?

Christian Daes: Well, the headquarters of the main four companies in Colombia had their headquarters originally in Barranquilla. And in Colombia, there is a law that where the company was born is where they have to do their annual meeting for stockholders.

So, for example, Avianca’s meeting is in Barranquilla because Avianca started in Barranquilla. Argos, which is a company that people recognize as being a Medellín company, was started in Barranquilla, and the meeting is in Barranquilla.

“Getting a product from Colombia that is not a traditional product — like windows and glass — to a U.S. market was the most difficult thing that we have ever done.” – Christian Daes

And you have many other companies like that are no longer in Barranquilla, but they have to come and have their meetings in Barranquilla because this was their starting point. I mean, it’s where the Magdalena River — which is as big as the Mississippi River — is.

We have the second largest river on the continent. And when it meets the ocean — the Caribbean — Barranquilla is right there. The first deepwater port in Colombia was Barranquilla.

When my grandfather came from Palestine, he landed in Barranquilla. They didn’t know where they were going to land. They took a boat to America, and the boat would stop in Chile or in Peru or in Colombia or anywhere. It landed in Barranquilla, and many other things took place in Barranquilla. The problem is we had such success that for some time everybody studied to be an employee of Julio Mario Santo Domingo.

I wish one day we could even be similar to Julio Mario. I’m not criticizing Julio Mario. On the contrary, I’m saying that we were no longer on the entrepreneurial side because people held him as “the god” and all the companies were his. Everybody was going to school to work for him. So when he left Colombia, we were missing our father here.

Loren Moss: The boss left.

Christian Daes: There was nobody making any companies or doing any developments or anything in Barranquilla, and the public side was not helping. Finally, we got the story together, we are right back on track. We have had this mayor now, Alejandro Char — twice, once in 2008 and now for the second term. And he has been so good for the city that we are right back on track. I mean, we will be back.

Loren Moss: So Tecnoglass has come a long way since manufacturing solar water heaters. You have made some acquisitions in the United States. Can you tell us about your purchases? I believe you have a presence in Miami now.

Christian Daes: We purchased GM&P [Giovanni Monti and Partners Consulting and Glazing Contractors] because we want to install and distribute our products directly — go all the way from one side to the next, doing everything ourselves.

The warehouse that we purchased from Glasswall three or four years ago was to have a place that we could have our main customers. And GM&P, to have them in one place so they could be able to unload containers if they had to, or fabricate, like GMP was fabricating in Miami. And we bought these two companies to integrate them and to make sure that we have a more efficient operation and that we can go from zero to 100 with customers.

“Crises have always changed our path — or our future — which is good because every time we have had a crisis, we have become a much better company.” – Christian Daes

Loren Moss: Speaking of that vertical integration — of being able to offer everything from manufacturing to installation — where are you there? I know that, beyond glass, you also have an aluminum fabrication factory manufacturing aluminum. I would imagine that is for the frames for the glass, but could you describe that better? And then you have plans for even greater vertical integration? What about going to manufacturing from even the silica itself up to the glass?

Christian Daes: That’s our dream. One day we will be melting the sand and making glass. We will get there. It’s not easy. When we began, we were a garage company in a small country. We have come a long way.

There is still a lot more to do, and we are on the right track to do it. But we like to be taking steps that sound very aggressive, but they are very conservative. When we started, for example, our aluminum plant, for two years we were not making any profit, but it paid off afterwards.

When we make acquisitions at Tecnoglass, we never plan for the short term but for the long run. We are always thinking of five, 10 years from today. You have to remember that we are the only glass company of this size that is managed by the owners. So what makes us different than being a CEO that hires for a company is that my term here is a life term.

I don’t show results quarter after quarter to make anybody happy. I plan for the long run. And maybe the results today are not as good, but I’m planning the future. I am building the future. So this is basically the way that we are planning in Tecnoglass: that one day we will close the loop and do our own glass.

Loren Moss: One of the things that seems to be important here is the corporate culture, the well-being of the employees. I know that you have a foundation and that you provide a lot of things, and I would imagine it would be more difficult to do that if you were, say, private equity owners who are looking at a two- or three-year time frame to cash out versus looking at the long range and the strategy of the company for the next 20 or 50 years — or in the next generation.

Christian Daes: First of all, to us there is nothing more important in life than our employees. We want to make sure that the wealth of the company is distributed among the employees, that they do well, that they grow with the company, that their lives become better and that they can give their families a better way of life.

At Tecnoglass, for example, we pay for university for 190 sons or wives or employees. Right now, it is at any university that they want to go to and where they can get accepted.

And we also have these programs to fix employees’ houses. We give them an amount of money to fix their houses, because most of the people here make $350 USD a month or $400 USD a month, and the never have the opportunity to have a better-looking place. And we go into the house and we rebuild it inside. Some people are so poor that they don’t even have a floor.

“In 2000, the hurricane law they passed in Miami-Dade County obligated everybody to use hurricane-proof glass. We were ready to invest in the new laminating facility. We expanded five times in the next five years.” – Christian Daes

So, we make sure that we put the tiles, that we put the bath enclosure, that we do the kitchen, because that’s what we want to do for our employees.

And we have many other programs. We help them with their health, medicine, transportation, school. Anything that we can do for our employees, we will.

Loren Moss: Impressive. Tecnoglass as an exporter — and an exporter to the United States — surely has experience with the free-trade agreement that Colombia and the United States have had now for some time. Colombia as a whole has not exported as much to the United States as many people hoped it would when the free-trade agreement came into effect. What do you think the reasons for that are? What are the things that hold Colombia back from fully taking advantage of accessing the U.S. market?

Christian Daes: This is bad to say, but it’s the truth: The free-trade agreement benefits the U.S. Because now they can sell more in Colombia than before — and they are selling more to Colombia than before. And Colombia has not taken advantage basically because what we want to export is bocadillos [Colombian sweets], cheese, coffee, oil, coal — things that we were already doing.

I don’t understand how our business people in Colombia don’t see that, if China exports to the U.S. — and they have a have deficit with China for $369 billion USD — and China has similar wages in China that we have in Colombia, why can’t we set up companies in Colombia to build what China exports to the U.S.?

We are closer, we speak basically the same language, we’re in the same time zone and everything is so much easier from Colombia that it makes no sense that we are not taking better advantage of the free-trade agreement.

Why is Tecnoglass so successful in exporting to the U.S.? Before the free-trade agreement, we were doing $50 million USD in sales to the U.S., and we are now over $200 million USD in sales to the U.S. But why is that? Because we were able to design products for the U.S. market. We are not exporting the windows that the Colombian market buys. We are exporting the windows that the U.S. market wants to buy, and we have created, designed and built the windows that they want to buy. Our prices are better, our quality is better, and that’s why we have been so successful over there.

Loren Moss: If a U.S. foreign direct investor is looking to set up operations in the “nearshore” — in the Americas, in the Caribbean — to service the U.S., whether that be manufacturing, whether that be logistics, whether that be a service exportation, why should they consider Colombia and why should they consider Barranquilla specifically?

Christian Daes: Because of our location, because we are so close, because English is not difficult to find in Barranquilla, because of the way Colombian people behave at work, because, definitely, we live two hours away from Miami. Miami is closer to Barranquilla than it is to New York. Miami is closer to Barranquilla than to Chicago.

So then it makes a lot of sense, in a country like Colombia, where you find cheap labor, quality labor, good manners, a democratic country — we are the oldest democracy in the Americas — it makes a lot of sense to establish yourself in Barranquilla.

Tecnoglass, the company from Barranquilla that grows alongside the dollar

The company from Barranquilla has been trading in the BVC since January 6, 2016, presents its financial statement for 2015 with 39% Ebitda up to September and sales of $ 828,020 million at year end .

In a press conference on Tuesday, the Colombian company which premiered at the Colombian stock exchange last week released its 2015 balance which highlights an Ebitda of 36% in 2015 compared to 21% for the same period last year.

The President of one of the companies that compose Tecnoglass: Solar ESWindows SA, Rodolfo Espinosa, reported that sales of Colombian operations reached $ 828,020 million at the close of 2015.

Tecnoglass entered the BVC with the ticker symbol TGLSC and at a starting price of $ 43,220.07 at opening. The last closing price recorded on January 12 was $ 45,000. The company will also be listed on the Nasdaq Stock Exchange in the US, where it has been trading since 2013, being the first and only Colombian company to enter that market.

José Manuel Daes, Tecnoglass Inc. CEO, reported in a press release that the company has grown by 35% in dollars and 130% in Colombian pesos during the past two years, considering the effect of the exchange rate. By the close of 2015, they are expecting record sales of more than US $ 240 million, with an EBITDA of US $ 240.

With investments made in 2015 for more than US $ 40 million, like the new 20,000 square meter soft coat glass plant, Tecnoglass plans to increase its sales by US $ 200 million over the next five years and estimates that will generate over 700 jobs.

Tecnoglass’ success addresses the current dollar pricing by exporting about 60% of its production, which is based on high quality architectural glass and windows for  residential and commercial construction. Headquartered in Barranquilla, it operates a modern industrial complex of more than 220,000 square meters, becoming the first company that manages windows with full vertical integration.

Source: Dinero

Tecnoglass and C.I. Energía SolarSolar Eswindows, companies of the year

The successful business group from Barranquilla received the highest international award from FIABCI.

Barranquilla recovers its leadership strength thanks to its industrial business group comprised by  Tecnoglass and C.I. Energía Solar Eswindows, which were awarded by the International Real Estate Federation (FIABCI) and the Business of the Year at the international level.

Alejandro Lega, academic member of FIABCI, Rodolfo Espinosa, President of CI Solar Energy and Andrés Correa, President of FIABCI Colombia.

The deserved distinction adds to the wonderful growth by the Business Group, which has been positioned as one of the largest manufacturers of window frames worldwide, which has been described as “The Window of the World”. In addition, the Group’s new Soft Coat glass factory was added this year with a 43 million dollar investment and a two thousand square meter plant and 700 new employment opportunities  for the city, region and country.

The recognition was awarded on Thursday November 19 with the participation of 300 guests from the real estate and construction sectors in the Bogotá Gun Club during the seventeenth version of the FIABCI Awards for Real Estate Excellence.

A total of 12 Awards were given in this new version of awards by the FIABCI Chapter in Colombia, who analyzed the design, construction, financing and operation of the various projects around the country to recognize the professional quality of engineers, architects and entrepreneurs in the sector.

During this new version of the awards was when  C.I. Energía Solar Eswindows and Tecnoglass  received the Award for International Companies of the Year, highlighted by their increasing export activities, a positive representation of Colombian industry abroad and the further consolidation of its business in the United States and Latin American markets. The award was received by Rodolfo Espinosa Meola, President of C.I. Solar Energy ESWindows from the President of the colombian FIABCI Chapter, Andrés Correa.

José Manuel Daes, director of the successful barranquillero Business Group.

Together with Tecnoglass and CI Solar Energy ESWindows were highlighted companies such as Terranum, Camilo Santamaria Architects, Constructora El Castillo, Amarilo, Argos Group, Concocreto, Prabyc Engineers, Ospinas, among others, also were awarded Medals Hernando Luque Ospina to Life and Work entrepreneur Arturo Street and the Medal of Real Estate Merit 2015 Engineer Alberto Santiago Botero.

Christian Daes, one of the directors of Tecnoglass Group.

This year the jury as evaluation criteria took into account the innovation and application of new trends in the field of sustainability, reducing environmental impact and work on corporate social responsibility.

The new recognition made Tecnoglass Group companies coincides with the latest sales balance presented by Christian Daes and Jose Manuel Daes company executives. During the first 9 months of the year CI Solar Energy Tecnoglass ESWindows and they reported sales of US $ 291,361 and US $ 308,465 respectively, equivalent to an increase of 50.4% and 70.9% compared with the same period last year. This growth corresponds to the startup of a new plant for glass soft coat technology and capacity expansion in technology, the business group.

Source: La Chachara

Tecnoglass y C.I. Energia Solar ESWindows, International Companies of the Year

The Companies  received recognition in the seventeenth version of the FIABCI Prix.

Tecnoglass and C.I. Energía Solar ESWindows and were recognized as International Companies of the Year, highlighting their increased export activity, positivele representing Colombian industry abroad and by further consolidating its business in markets in the United States and Latin America.

The award was presented during the seventeenth version of the FIABCI Awards for Real Estate Excellence, an event that was held in the Bogotá Gun Club with the over 300 guests from the real estate and construction sector.

A total of 12 awards were given in this new version of awards by the International Real Estate Federation -FIABCI- Colombia Chapter, who analyzed the design, construction, financing and operation of various projects in the country to recognize the professional quality of engineers, architects and entrepreneurs in the sector.

The award was received by Rodolfo Espinosa, President of C.I. Energía Solar ESWindows from the President of the colombian FIABCI Chapter, Andrés Correa. Alongside Tecnoglass and C.I. Energía Solar Energy ESWindows, other companies were highlighted such as Terranum, Camilo Santamaria Architects, Constructora El Castillo, Amarilo, Grupo Argos, Concocreto, Prabyc Ingenieros, Ospinas, among others, also,  the Hernando Luque Ospina lifetime acheivement Medal was awarded to businessman Arturo Calle and the Medal of Realty Merit 2015 to Engineer Alberto Santiago Botero.

This year, as evaluation criteria, the jury took into account the innovation and application of new trends in the field of sustainability, reduction of environmental impact and work in corporate social responsibility.

This new recognition to Tecnoglass Group companies coincides with the latest sales balance presented by Christian Daes and Jose Manuel Daes Chief Executives of the company.

During the first 9 months of the year and C.I. Energía Solar ESWindows and  Tecnoglass reported sales of US $ 291,361 and US $ 308,465 respectively, equivalent to an increase of 50.4% and 70.9% compared with the same period last year. This growth corresponds to the startup of a new plant for glass using soft coat technology and capacity expansion in technology by the business group.

Source: Zona Cero

Tecnoglass grew 56% in the first semester

The report for the second quarter was $ 103 billion, which consolidates sales of 182,776 million.

Tecnoglass a company headquartered in Barranquilla and listed on the New York Stock Exchange, reported sales of more than 103,000 million in the second quarter, which consolidates a turnover of 182.776 million for the entire first half of 2015. This figure represents an increase of 56.6% over the first six months of 2014.

International sales of this firm, dedicated to the transformation of architectural glass and aluminum profiling for high quality construction in the residential and industrial sectors, and exports to the United States, Central and South America, had a share of 41%, which means a big growth as in the first half of last year sales represented only 29% of the total.

Tecnoglass management highlighted positive factors such as the commissioning of a new extrusion line with capacity of 450 tons per month, profile painting and a cutting edge glass laminating plant. This led to a 700 employee increase in their workforce.

Besides, they show great optimism for things to come in 2016 as from November and December on they will start to new lines that will significantly increase their production capacity.

Source: Portafolio