The deal crates the 鈥渂iggest curtain wall player in the world鈥�, according to the Italian firm
Cladding contractor Permasteelisa has been bought by a Chinese firm for 鈧�467m (拢426m).
Shenzhen-based Grandland has acquired 100% of the Italian company鈥檚 shares from Japanese building materials giant Lixil, which owned Permasteelisa.
Grandland is a design and construction business which generated revenue of 楼10.86bn (拢1.27bn) in 2016. The firm describes itself as an 鈥渁rchitectural decoration鈥� specialist.
Permasteelisa has an annual turnover of 鈧�1.4bn (拢1.28).
A statement from the Veneto-based company said the deal 鈥渨ill create the biggest, most comprehensive curtain wall player in the world鈥�.
Following the takeover, Permasteelisa will continue to operate as a separate entity, focusing 鈥渙n avant-garde architectures and top end, high-quality projects鈥�. CEO Riccardo Mollo will stay on in his role.
Permasteelisa has worked on signature buildings such as the Shard in London, Apple鈥檚 new HQ in California and the Sydney Opera House in Australia.
It was recently at the centre of , where its client Lendlease was ordered to pay 拢14.8m after glass panels installed by Permasteelisa on a City tower fell to the street below.
鈥淐ombining Permasteelisa鈥檚 position as a leader in the market, and its scale across EMEA, North and South America as well as parts of Asia, along with Grandland鈥檚 industrial integration capabilities and strength in China, will create an even a bigger player in the curtain wall segment globally,鈥� said Mollo.
鈥淲hile Permasteelisa will maintain its operating independence, the opportunities for operating synergies with Grandland are tremendous.鈥�
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