Chinese construction firm Grandland has acquired Italian cladding manufacturer Permasteelisa for £426m.
Permasteelisa has been owned by a Japanese conglomerate Lixil since 2011. Under the new ownership, its headquarters will continue to be based in Vittorio Veneto in Italy.
One of Europe’s top cladding contractors Permasteelisa has become well known for its glasswork on projects such as the Shard in London, Apple’s headquarters in Cupertino and the Sydney Opera House.
But as a whole the company ran up losses of £21m in the year to April 2017 from revenue of £1.2bn.
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