Chinese construction firm Grandland has acquired Italian cladding manufacturer Permasteelisa for £426m.
Permasteelisa has been owned by a Japanese conglomerate Lixil since 2011. Under the new ownership, its headquarters will continue to be based in Vittorio Veneto in Italy.
One of Europe’s top cladding contractors Permasteelisa has become well known for its glasswork on projects such as the Shard in London, Apple’s headquarters in Cupertino and the Sydney Opera House.
But as a whole the company ran up losses of £21m in the year to April 2017 from revenue of £1.2bn.
Riccardo Mollo, Permasteelisa chief executive, who will remain in the position following the transaction, said: “Combining Permasteelisa’s position as a premium leader in the market and scale across EMEA, North and South America, and Asia Pacific, along with Grandland’s industrial integration capabilities and strength in China, will create a truly global leader in the curtain wall segment.
“While Permasteelisa will maintain its operating independence globally, the opportunities for operating synergies with Grandland are tremendous.”
Lixil president Kinya Seto said: “We believe Grandland will be a strong complementary fit for Permasteelisa and an ideal partner to invest in and grow Permasteelisa’s business in the future, especially in the fast-growing Chinese market”
