Koch Industries makes major acquisition with deal for Guardian Industries

A subsidiary of Koch Industries has acquired Michigan-based Guardian Industries, according to a news release Monday.

The release said that Guardian stockholders have approved the acquisition of the company by KGIC Merger Corp., a wholly owned subsidiary of Koch Industries. The deal is for the remaining 55.5 percent of outstanding shares of Guardian Industries’ common stock that is not already owned by affiliates of Koch.

Both companies are privately held, and financial terms were not disclosed.

Guardian Industries has its headquarters in Auburn Hills, Mich. It has about 17,000 employees worldwide and is involved in a variety of industries, including glass products, plastic coatings and specialty building materials, according to the release.

“Our companies align in many areas including culture, global footprint and supply chain,” Ron Vaupel, president and CEO of Guardian, said in a statement. “We are excited to continue working together to create value for our customers and society.”

Dave Robertson, president and COO of Koch, said in a statement: “We look forward to combining the strengths and capabilities of Guardian and Koch to better meet the needs of our customers.”

The transaction is expected to close in the first quarter of 2017, the release said.

This story was originally published November 21, 2016 at 10:45 AM with the headline "Koch Industries makes major acquisition with deal for Guardian Industries."