Saint-Gobain Announces Completion Of Verallia North America Sale

(RTTNews) - Compagnie de Saint-Gobain SA (CODGF.PK), the world's largest glass maker, said Friday that it has sold its entire stake in Verallia North America to the Ardagh group based on an enterprise value of US$1.694 billion, or €1.275 billion, pursuant to the agreement signed in January last year.

The deal will reduce Saint-Gobain's net debt by an estimated €925 million and follows the agreement reached with the US anti-trust authorities.

"The proceeds from the sale will primarily allow Saint-Gobain to strengthen its balance sheet, but also to continue with its selective acquisitions policy targeting small and mid-scale companies in high-growth countries and in North America, High-Performance Materials and core positions in Building Distribution," Saint-Gobain said.