A European auto glass manufacturer facing financial difficulties must shutter operations after its only potential buyer backed out. Belgium-based AGP Group offers specialized, technical automotive glass as well as marine and security products.
The group’s United States-based subsidiary, AGP eGlass, filed for bankruptcy at the end of 2024 with several million dollars in liabilities. Its more than 100 creditors include GlasWeld, the IRS and Tesla.
According to Belga News Agency, the whole AGP Group struggled financially for years. The news source reports American security glass provider XGlass had pledged to purchase AGP Group, even promising to invest about $116 million into some of AGP’s facilities. XGlass backed out of the sale after automaker clients like Volvo, BMW, Volkswagen and Audi discouraged the plan, Belga says.
Several large carmakers, including BMW, advised XGlass against purchasing AGP Group.
The Brussels Times reports that AGP’s only option now is to file for bankruptcy. Trustee Yves François tells the publication that the current owner “doesn’t have the financial means to continue operations.”
AGP’s Rumbeke, Evergem and Zwijnaarde facilities will wind down production by the end of June. François expects staff to receive their full salaries for the month before operations officially close in early July.
According to Belga, shutting down the plants will cost about 1,200 employees and temporary workers their jobs. AGP notified trade union leaders of the plan on the morning of June 13. The Brussels Times reports that the glassmaker will compensate employees using AGP’s company closure fund.
Belga says that a Belgian family founded the manufacturer, then known as Soliver, in 1937. AGP Group, originally Peruvian, bought Soliver in 2018. XGlass’ takeover would have saved the Evergem and Zwijnaarde locations, but AGP already planned to close Rumbeke.
There glass was so often needing to be replaced due to stress cracks near the heating eliminates. If they can’t do the job right, then I guess they need to face the consequences. Too bad so many lost jobs but I would never recommend their windshields.