P-D Valmiera Glass USA Corp.

A Georgia-based manufacturer of glass fiber materials and related products faced significant financial challenges after investing over $100 million to develop two advanced production facilities spanning nearly 450,000 square feet. The extended start-up period resulted in substantial cost overruns, and when the company’s publicly traded parent in Latvia could no longer provide funding, the business filed for bankruptcy protection. Prior attempts by management to identify a buyer had been unsuccessful.

A structured sale process was implemented to meet the requirements of the company’s creditors, ultimately securing an initial offer from Saint-Gobain, a global French multinational company with more than 180,000 employees operating in 67 countries. Despite considerable interest from multiple prospective buyers and numerous onsite inspections, no other offers exceeded Saint-Gobain’s proposal.

Complicating the process, COVID-19 restrictions limited travel and prevented facility visits in the months preceding closing. Careful coordination among all parties helped guide the transaction through these challenges and secure bankruptcy court approval. The sale to Saint-Gobain was completed successfully, allowing the company’s operations to transition smoothly to the new owner.