Latvian fibreglass maker sells stake in US subsidiary

Latvian fibreglass maker Valmieras Stikla Skiedra has signed an agreement with parent company P-D Management Industries-Technologies for the sale of a 33% stake in Valmiera Glass USA, according to a statement submitted to the Nasdaq Riga stock exchange.

The total value of the stake is reported as US$1.33m. As a result of this transaction, the US company will be renamed P-D Valmiera Glass USA.

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