Architectural glass products maker Tecnoglass Inc TGLS revealed its entry into the vinyl window market, doubling its addressable market and solidifying its position in architectural windows and glass solutions.
The company has signed a long-term supply agreement to procure vinyl frame profiles from a premier global manufacturer.
The company expects the move to increasingly diversify its revenue base going forward.
Tecnoglass expects to start production and deliveries of its vinyl window products in November 2023.
"We have already deployed the $25 million budgeted to support our vinyl market entry, which in addition to the vinyl lines, include the investments already completed during 2023 on a new state of the art fully automated insulated glass line, plus capital expenditures in land and warehousing space," said CFO Santiago Giraldo.
"These investments should allow us to scale up our vinyl window opportunity to approximately $300 million in annual revenues over time."
Price Action: TGLS shares are trading higher by 4.50% at $35.38 on the last check Monday.
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