FOR IMMEDIATE RELEASE
Burnaby, BC, Canada, July 15, 2005 - Autostock International, a division of TCG International Inc. (TCGI) today reported an agreement to sell the assets of its US auto glass and related products distribution business to Pilkington North America, Inc. (Pilkington). The acquisition is expected to complete on Monday, July 18, 2005.
Operating under the brands Autostock Distribution, Trans America Glass and Lo-Can Glass International, the business operates from 21 distribution locations selling auto replacement glass for the US market for all makes and models of domestic and import vehicles. Autostock International will maintain its flat glass distribution and insulated unit manufacturing business, Trans America Glass, in Anchorage, AK. All of the active employees of the business will be offered employment by Pilkington at closing.
Contemporaneous with this sale, SRP Corporation, a unit of Autostock International, has entered into an agreement with Pilkington where Pilkington will be a national distributor of SRP's automotive glass urethane and primer product line, SRP Totalseal. In addition, SRP cleaning products and accessories will roll-out across the Pilkington network and be available nationwide by the end of autumn.
"This divestiture is part of Autostock International's strategy to focus
our energies where we have a competitive advantage and strong market positions,"
said Allan Skidmore, Chairman and chief executive officer of Autostock International.
"Pilkington is better positioned in the distribution business as a larger
manufacturer, while an ongoing purchasing relationship between our US Speedy Glass
unit and Pilkington will complement the success and growth of both companies."
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