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D'Ieteren announces today that Belron, the global leader in vehicle glass repair and replacement, has reached an agreement to acquire substantially all of the assets of Diamond Glass, Inc. ("Diamond Glass"), subject to court approval under a Chapter 11 section 363 process and necessary regulatory approval. Diamond Glass, headquartered in Kingston, Pennsylvania, reported 2007 sales of circa USD 187 million. The purchase price for the assets, net of the assumption of various liabilities, is circa USD 50 million (EUR 32 million).
Diamond Glass operates 216 branches across the United States and employs circa 1,600 staff. Diamond Glass filed for protection under Chapter 11 of the United States Bankruptcy Code on 1st April this year, and the business was put up for sale under a S363 process. The acquisition will further strengthen Belron's coverage in the US, currently under the names Safelite AutoGlass, Elite Auto Glass and Auto Glass Specialists. Future synergies, and any investments to capture them, will be determined in the coming months.
D'Ieteren's guidance for its consolidated 2008 current PBT group share is not impacted by this acquisition and therefore remains unchanged.
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D'Ieteren D'Ieteren is an international group, active in three sectors of services to the motorist : - automobile distribution in Belgium of Volkswagen, Audi, Seat, Skoda, Bentley, Lamborghini, Bugatti, Porsche and Yamaha; - vehicle glass repair and replacement in Europe, North and South America, Australia and New-Zealand through Belron s.a. and notably its CARGLASS® and AUTOGLASS® brands in Europe and SAFELITE®, LEBEAU®, DURO® in North America; - short-term car rental in Europe, Africa, the Middle East and Asia through Avis Europe plc and the Avis and Budget brands. D'Ieteren and its activities are present in 120 countries on 5 continents serving more than 17 million customers a year.
Forward looking statements This document contains forward-looking information that involves risks and uncertainties, including statements about D'Ieteren's plans, objectives, expectations and intentions. Readers are cautioned that forward-looking statements include known and unknown risks and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of D'Ieteren. Should one or more of these risks, uncertainties or contingencies materialise, or should any underlying assumptions prove incorrect, actual results could vary materially from those anticipated, expected, estimated or projected. As a result, D'Ieteren does not assume any responsibility for the accuracy of these forward-looking statements.
