All posts by admin

Bodegas Tecnoglass

The 196 largest

For the second consecutive year, +Negocios (+ n) has followed the pulse of the 196 largest companies in the Caribbean region that were part of the ranking of the Superintendencia de Sociedades. Last May that Authority published a list of the 2,000 companies that moved the most capital in their operating revenues, including group from the Atlantic Coast that moved more than $ 55 billion over the past year and joined the list this year.

There is much to learn from this outlook: falling revenues of all 196 companies (-0.01%), marked mainly by the mining sector; reorganization in the sector, as the industry showed a strong recovery in profits: its share in the total profits increased from 9,81% in 2013 to 34.15% in 2014; and the challenge of the Caribbean region to be more competitive with other regions of the country.

Notable results are the top 10 companies in the region: Avianca, Olimpica, Reficar, Electricaribe, Prodeco, Cementos Argos, Gecelca, Opese, CBI Colombiana and Mexichem Resinas Colombia.

These are some of the issues analyzed in the July edition of the magazine to present an assessment of the business dynamics in the Coast. But the new edition of +n will also discuss BoConcept’s franchise model to give you some clues so you don’t ‘fail’ when doing a job interview, and the recommendations of Jorge Reynolds, creator of the pacemaker to be a leader.

See the list: Las 196 más grandes

Bodegas Tecnoglass

Tecnoglass, the new ‘jewel’ of the national industry

Preliminary sales for 2015 are 820,000 million pesos. For this year, the growth forecast is 20% and estimated to continue increasing its value with its foray into the local stock market.

The parent company Tecnoglass Inc., specialized in manufacturing of high quality window frames for the residential and commercial construction industry, expects to maintain a growth rate in sales close to 40% in 2016.

The solid financial figures last year and its debut in the Colombian Stock Exchange (BVC) in early January are important achievements for the company that will be available to all Colombians who wish to invest in it.

This business group, consisting of several subsidiaries like Tecnoglass SA, focused on the transformation of glass and aluminum, and Energía Solar, focused on the assembly of architectural systems, will continue to pursue the glass and window frames market to convert Barranquilla into a world-class axis of industrial development.
Currently, the business conglomerate, which has about 5,000 workers operating in a 260,000 square meter plant located in the capital of the Atlántico department maintains business relationships with nearly 800 customers spread over 27 countries, among which are customers the United States, Colombia, Panama and Bolivia.

In a market that moves about 30,000 million dollars in the United States, Tecnoglass occupies an important position and at the close of 2015 would record sales of more than US $ 240 million.

To continue to achieve success, the Colombian company expects to continue taking advantage of its vertical integration model among its subsidiaries: Tecnoglass is responsible for transforming the glass and then sells it to Energía Solar.

Furthermore, the use of cutting edge technology has enabled the manufacture of new products like glass that retains no energy.

The figures do not lie and show that in the first nine months of 2015, adjusted net income increased 20,6% compared to the same period of 2014 which was 13.8%. By the close of 2015, the EBITDA would be close to $ 65 million.

In terms of investment, the company invested this year in a new 20,000 square meter, $40 million dollar ‘soft coat’ glass plant. This could boost sales by up to 20% (US $ 200 million over the next five years) and employ over 700 people.


The operations of this Colombian industry ‘jewel’ has made investors believe in the company and, according to Jose Manuel Daes, President and CEO of Tecnoglass Inc., the recovery in the last two years reached levels of 35%,in dollars, and 130%, in Colombian pesos.

From the January 6, the Colombian Stock Exchange (BVC) approved the double listing of the common shares of the glass producer under the ticker TGLSC.

Note that the titles of Tecnoglass Inc., listed on the Nasdaq stock market, are unique in being listed in the second most liquid exchange in the global equity market.
“We decided to make this double listing with the Colombian Stock Exchange because we want to diversify our shareholder base and expand our exposure and access to the investment community of our country. We are a Colombian company for the world “, said Daes.

With the entry of the new emission, local and foreign investors may acquire shares in both the BVC and Nasdaq through stockbrokers.

The initial price for the share will be the closing price on Nasdaq the preceding day and converted by the Representative Market Rate (TRM) that day.

Being listed on Nasdaq has allowed Tecnoglass Inc. to “be more competitive, constantly innovate and bring best practices with a rigorous corporate governance “, which aims to give investors confidence about the future of the company according to the president of the company.

“We will work hard to be the first choice for local investors, “concluded Daes.


Interior Planta Tecnoglass

Tecnoglass expects sales of US $ 240 million at the end of 2015

With the investments made in recent months the company plans to increase its sales by 20% in 2016.

BOGOTA. Barranquilla company Tecnoglass expects to close 2015 with sales of more than US $ 240 million and an EBITDA of $ 65 million, as announced this morning at a press conference in Bogotá by its president Rodolfo Espinosa.

He also noted that with the investments made in recent months, like the new 40 million dollar, 20,000 square meter soft coat glass plant, the company plans to increase its sales by 20 percent in 2016.

” This plant will employ more than 700 people and generate an estimated increase in sales of 200 million over the next five years, “he said.

He reiterated also that the Colimbian Stock Exchange, BVC, has approved the double listing of the ordinary shares from  the company starting on January 6, 2016, under the ticker TGLSC. And the shares will remain listed on the Nasdaq Stock Market in the United States.

For his part, the CEO, José Manuel Daes, said in a statement that “in 2013 we took the big step of entering Nasdaq to raise capital and It has been a total success for our investors and our business group. In the last two years we have increased value by 35% in dollars and 130% in Colombian pesos considering the exchange rate. We decided to make this double listing with the Colombian Stock Exchange because we want to diversify our shareholder base and expand our exposure and access to the investment community of our country. We are a company made by Colombians for the world.

“With this new stock emission, local and foreign investors can acquire shares of Tecnoglass Inc. in both the BVC and Nasdaq, through stock brokers.

In December 2013, the company debuted in the Nasdaq stock exchange at a share price of US $ 10.18 and placed about 15% of its shares among investors in the American public. Two years later, the price is trading around US $ 13.70.

Tecnoglass is a manufacturing company dedicated to architectural glass windows for global industries in residential and commercial construction. Headquartered in Barranquilla, it has an industrial complex of more than 220 thousand square meters, vertically integrated, providing access to the Americas, the Caribbean and the Pacific. It sells its products to over 800 customers in more than 27 countries in North, Central and South America and exports approximately 60% of its production.

Christian Daes NASDAQ

Tecnoglass will implement liquidity programs for its shares

Yesterday, Tecnoglass Holdings held its first meeting with the media after being listed in the Colombian Stock Exchange (BVC) on january 6. Christian Daes, company COO, told LR, that the listing process was performed twice because people here in Colombia wanted to buy our shares, but had to open an account in the United States to be able to. He also stated that this year will be good for the company, both in Colombia and outside the country and with the foray into the stock market they want to have a volume of 100,000 shares.
Tecnoglass, headquartered in Barranquilla, entered Nasdaq in 2013 to raise capital. According to the company, the last two years increased the company’s value by around 35% in dollars, which means that in Colombian pesos it has reached a valuation of 130%.

What are your expectations with your listing in the Colombian Stock Exchange ?
Expectations are very positive. We hope to consolidate our investors in Colombia and the United States. The first year we moved 4,000 shares in Nasdaq; in the second year, 8,000 shares and this year we expect to double the volume to around 31,000 shares. The goal is to reach a volume of 100 thousand shares.

Why go to the local market at a time when the markets are so low?
In the United States the competition has lost share value, but not us. We hope the same thing happens in Colombia because we want to be known across the whole country and that we have many quality products.

What is your plan to improve liquidity of the shares?
Within our priorities we plan visit major cities in Colombia and for our customers in the country to become shareholders. In addition, we are working on forming a liquidity program to increase the volume of share, and we are working with with Credicorp Capital and Casa de Bolsato this end. The final plan will be reported at a later date.

What investment plans do you have for the company?
This year we will continue working on expanding the company’s infrastructure and new business lines. We hope to continue to grow this year in sales and we hope to sell nearly (COP) $ 1.1 billion.

How will you finance these processes?
We were recently granted a credit of around US $ 120 million, which will be used to refinance a debt of about US $ 83 million to be paid in seven years, an additional US $ 30 million will be used to finance expansion in our plant facilities. With this capital we will work in 2016.

How has the devaluation of the colombian peso in the last year affected you?
The strengthening of the dollar has impacted us favorably. We suffered for many years due to reevaluation and the industry was not profitable. We can now have more export earnings. It helps that the exchange rate will not be based on the export of oil or coal, it is the time for the country’s exporters.

Have sales in Colombia have been affected by the devaluation?
Clearly they have been affected because the raw material for our products is imported. Additionally, going from peso to dollar sales would seem to affect sales. However, in Colombia, our customers give us advances on the work, allowing us to work without having to stop production.

How do you see the slowdown?
We can’t be pessimistic because it is a process that is affecting all countries and we are hopeful because we are having more sales in pesos. Also, this year in construction we’ve had a lot of serious interest in our products.

Projections of increased sales by 20% in 2016
According to the company with the investments this year like the US $40 million, 20,000 square meter soft coat glass plant, Tecnoglass Inc. plans to increase its sales by 20% in 2016. This plant will employ more than 700 people and generate an estimated increase in sales of US $ 200 million over the next five years. By the close of 2015, the company expects sales of more than US $ 240 million and EBITDA of US $ 65 million.

The opinions:
Diego Franco
“Having Tecnoglass on the BVC is positive because it sends a message to other companies that it is an adequate market to find resources”

José Manuel Daes
CEO of Tecnoglass
“We have decided to make this double listing with the BVC because we want to diversify our shareholder base and expand our exposure”

Source: La República

Tecnoglass Christin Daes

“Entering the Colombian stock exchange was harder than getting into the one in New York”: Tecnoglass

During a press conference on Tuesday in Bogota, Tecnoglass managers reported that due to the stronger dollar, which is improving the profits of their business in the US, its financial results are putting the company in one of his best levels in history. Partial results of the first 9 months of 2015 show an increase in gross profit of 53%.

Other characteristics that highlight Tecnoglass is that it is the only Colombian company listed in Nasdaq, the largest automated electronic stock exchange in the United States based in New York. In addition, after two and a half years in the US market, the company decided to enter the Colombian Stock Exchange (BVC), whose stocks began trading on January 6.

The strange thing is that Tecnoglass dabbled in the stock market contrary to other large companies in the country, usually listed on the BVC first and then entering the New York Stock Exchange. So, the strategy used by the company is an alternative for Colombian companies who are thinking about entering the capital market.

El Espectador spoke with Christian Daes, Tecnoglass’ main partner, who narrates experience of this strategy. Among the advantages available to the employer is the increased credibility with American institutions.

Why did you venture first to the capital markets in the United States instead of Colombia?

The strategy was motivated by the company’s need for greater credibility in the American market. In the US if you sell something you’ll need a compliance insurance policy, and it was very difficult to get this requirement without being an American company. Because of this, we decided to enter the Nasdaq, where we are required to publicly present our balance sheet, which are audited by firms like PricewaterhouseCoopers. After our foray into this market the change in our credibility improved markedly, we even increased the amount of insurance that we can use.

Why enter Nasdaq, not the New York Stock Exchange (NYSE)?

Nasdaq has an advantage as it is intended for technology and fast growing companies. In contrast, the NYSE is for more traditional businesses like oil companies. Nasdaq was the best market that we could apply to our company, and so far it has been a good decision. US stocks has appreciated by 36% in the last year.

Would you recommend that Colombian companies enter US stock exchanges rather than the one in Colombia?

There is no formula for success. In each case you should think about the best strategy for each company. In our case it was a necessity to first enter the United States, which turned out to be the best. And today we are reaping the benefits.

Should other Colombian exporters should follow Tecnoglass’ example?

Industries in Colombia should take advantage of the US market. There is an impressive appetite for local companies, so it is unfair that while in Chile there are 21 companies listed in Nasdaq in Colombia there is only one. This is a tool to internationalize the country.

How painful was the process of entering Nasdaq?

The process is painful because it is a lot of paperwork, meetings, travel, etc. But the changes are good because the company has been internationalized, allowing Tecnoglass exports continue to grow in the coming years. This is making us proud of our homeland.

Now that you are also listed on the Colombian Stock Exchange and have experienced of both processes, where was it more difficult, Nasdaq or the BVC?

As hard as it is to believe, the process of entering into the BVC was more time-consuming than the process we did to get into Nasdaq. However we understand that they are different regulations, which are steps that must be taken and respected. They are also experiences that allowed us to acquire discipline.

What are the advantages of Nasdaq?

Being in this market will allow us to leverage the next decrease in the US construction sector. When the decline arrives our level of Ebitda will allow us to increase participation, as it happened in 2008. The crisis allowed us to expand throughout the US market.

Recently they acquired a loan with Credicorp to the order of US $ 120 million, what was the motivation?

A our investors were worried that all our debt was short term. So we was decided to change all these loans to one long-term, seven year, credit, to enhance sustainability. Besides our debt is now in dollars because most of our revenues are in this currency, so that this strategy reduces the currency risk.

How did you manage to use the crisis of 2008, and what did you learn that will enable you to take advantage of possible declines in the United States and Colombia?

We know that the boom will end someday, the good thing is that we have learned that we must be very sober while expanding during declines. Our experience taught us that our debt should be backed in batches, and we have to diversify. The result was that when the construction sector went into recession in 2008 we had sales of US $ 60 million, and when the crisis ended we recorded US $ 180 for this same item. And what we’re thinking right now is to repeat that strategy when the next crisis comes along.

Source: El Espectador

Tecnoglass Christin Daes

Tecnoglass to spend around US $ 30 million in investment projects

Tuesday Tecnoglass, a company headquartered in Barranquilla and dedicated to the manufacture of glass, said they got a syndicated loan for around US $ 120 million, of which about US $ 80 million will be used to refinance debt to seven years and the remaining US $ 30 million for investment projects in its facilities during 2016.

Rodolfo Espinosa, president of Energía Solar, ESWindows a subsidiary of Tecnoglass Holding, said that this loan was 70% approved by banks abroad.

Regarding the process of emission in the Colombian Stock Exchange (BVC), Espinosa said that they were looking to start a program to form liquidity for the company and are talking with Casa de Bolsa and Credicorp Capital.

In addition They explained that with the entrance to the Colombia Stock Exchange people in Colombia are seeking to buy shares in the company without having to enroll in the United States market.

“In 2013 we took the big step of entering and raising capital in NASDAQ and it has been a great success for our investors and to the business group. In the last two years we have recovered by 35% in dollar terms and 130% in Colombian pesos at the exchange rate, “stressed José Manuel Daes, CEO of Tecnoglass Inc.

Tecnoglass BNV

Colombia Stock Exchange approves double listing of Tecnoglass shares

The only Colombian company listed on Nasdaq announced more than 24 million shareholders as of this year may make dual investments.

This means that the shares listed on the American Stock Exchange are now in the Colombia Stock Exchange. Local and foreign investors can acquire shares of Tecnoglass in both BVC and Nasdaq. The purchase price will be based on the closing price in Nasdaq converted at the Representative Market Rate for that day.

According to Jose Manuel Daes, Tecnoglass CEO, this opens up possibilities for negotiating an opening in the market for all Colombians who want to invest and assures that the company will continue betting on the glass and window frame market.

The company also announced that it received approval for a  US $ 109.5 million loan, which will be used to refinance an existing US $ 83.5 million debt and also US $ 26 million destined to capital expenditures and operational budget.

It should be noted that the Tecnoglass shares in Nasdaq are trading at about US $ 13.70, after starting price, two years ago, of US $ 10.18.

Finally, the company assures that it expects 2015 closing sales of $ 240 million and aims to increase its sales in 2016 by 20%.

Source: La W

Tecnoglass ESWindows

Tecnoglass, the company from Barranquilla that grows alongside the dollar

The company from Barranquilla has been trading in the BVC since January 6, 2016, presents its financial statement for 2015 with 39% Ebitda up to September and sales of $ 828,020 million at year end .

In a press conference on Tuesday, the Colombian company which premiered at the Colombian stock exchange last week released its 2015 balance which highlights an Ebitda of 36% in 2015 compared to 21% for the same period last year.

The President of one of the companies that compose Tecnoglass: Solar ESWindows SA, Rodolfo Espinosa, reported that sales of Colombian operations reached $ 828,020 million at the close of 2015.

Tecnoglass entered the BVC with the ticker symbol TGLSC and at a starting price of $ 43,220.07 at opening. The last closing price recorded on January 12 was $ 45,000. The company will also be listed on the Nasdaq Stock Exchange in the US, where it has been trading since 2013, being the first and only Colombian company to enter that market.

José Manuel Daes, Tecnoglass Inc. CEO, reported in a press release that the company has grown by 35% in dollars and 130% in Colombian pesos during the past two years, considering the effect of the exchange rate. By the close of 2015, they are expecting record sales of more than US $ 240 million, with an EBITDA of US $ 240.

With investments made in 2015 for more than US $ 40 million, like the new 20,000 square meter soft coat glass plant, Tecnoglass plans to increase its sales by US $ 200 million over the next five years and estimates that will generate over 700 jobs.

Tecnoglass’ success addresses the current dollar pricing by exporting about 60% of its production, which is based on high quality architectural glass and windows for  residential and commercial construction. Headquartered in Barranquilla, it operates a modern industrial complex of more than 220,000 square meters, becoming the first company that manages windows with full vertical integration.

Source: Dinero

Christian Daes Tecnoglass

Tecnoglass debuted on the BVC and recorded highest gains

During their first day on the Colombian Stock Exchange (BVC), shares from the Barranquilla business Tecnoglass (TGLSC) increased by 5.28%, becoming the most widely valued in the day.

The reference price that was opened at $ 43,220.07 and closed at $ 45,500. The trading volume of $ 57,967,000 was recorded with 1,274 units traded.

In contrast Ecopetrol shares hit a record low, by closing at $ 1,060, with a variation of -2.30%. The decline began last December 23 when it was priced at $ 1,205.

The 14 of December was its previous lowest price since the shares were emitted at  $ 1,090.

The share with the highest trading volume was Nutresa, at $ 16,973.69 million.

Yesterday the BVC capitalization index (Colcap) closed 1129.32 units with a decline of 1.14% compared to Tuesday’s session.

Fuente: El Heraldo

Planta Tecnoglass

A guide to understanding Tecnoglass share debuting on the BVC

In the past year the share value for the company from Barranquilla has increased more than 38% in Nasdaq, where it has been negotiating for months, and this week shares will begin trading in Colombia. Dinero has a guide for share and an investment profile.

As of today investors can buy Tecnoglass shares in the Colombia Stock Exchange, a company from Barranquilla dedicated to the manufacture of glass and windows. The initial opening price is COP $ 43,220.07.

The company has been listed in the Nasdaq technology stock exchange since early 2014 and last year increased its value over 38%, this implies that it fared better than the broader market. During the same period the Nasdaq Composite index gained 4.8% while the Industrial S&P rose 2.67%. If it had been listed in Colombia, the share would also have had a higher than COLCAP performance.

From now on the share will be negotiated simultaneously in both markets as is the case with other shares like: Aval, Bogota, the Canacol and Avianca, among others. It will also respond simultaneously to the SEC and Colombian authorities.

The company earned US $ 7.6 million in the third quarter of 2015 representing a decrease of 32.4% from the previous year and includes accounting losses for $ 3.1 million. However, operational results were positive and the adjusted EBITDA increased by 115%. In 2016 the company might have an adjusted EBITDA of US $ 85 million, 30.7% higher than expected for 2015.

Tecnoglass reports its financial results in dollars so rising currency is bad for sales in Colombia. For example, while sales to the domestic market grew by 20% annually in pesos it fell in dollars. However, the company exports 60% of its production to other markets including the United States, where it grew by 43% annually.

Last June, the members of the Daes family were majority stockholders they are also at the forefront of operations and management positions. They are followed by the Red Oak Partners with 7.5% of the shares while other smaller investors own 9.6%.

At press time Dinero was unable to obtain reports of risk rating agencies about the company and found that in the analyst community which is only covered by Dougherty & Co the recommendation is ‘buy’.

Source: Dinero

Christian Daes Tecnoglass

Tecnoglass entered the BVC

The Colombia Stock Exchange (BVC) said it authorized the registration of Tecnoglass Inc. common shares, the Colombian company specializing in processing and marketing of glass. Registration will take place on January  6, 2016.

Tecnoglass, headquartered in Barranquilla, arrived at the New York’s Nasdaq stock market in 2014, where large technology companies like Facebook and Google are traded.

The company has presence in eight American countries, including the United States, where they have developed projects such as the Fordham University facade in New York.

Additionally Tecnoglass released the first nine months of 2015 recorded sales of COP $ 308 000 million, which represents an increase of 70.9% compared with the same period the previous year.

Even though, to enter Nasdaq, Tecnoglass, had to undergo rigorous scrutiny of its accounts, the BVC emphasized that the inscription of double listing “does not imply certification of the value or the solvency of the issuer.”

Source: El Espectador

Tecnoglass ESWindows

Tecnoglass and C.I. Energía SolarSolar Eswindows, companies of the year

The successful business group from Barranquilla received the highest international award from FIABCI.

Barranquilla recovers its leadership strength thanks to its industrial business group comprised by  Tecnoglass and C.I. Energía Solar Eswindows, which were awarded by the International Real Estate Federation (FIABCI) and the Business of the Year at the international level.

Alejandro Lega, academic member of FIABCI, Rodolfo Espinosa, President of CI Solar Energy and Andrés Correa, President of FIABCI Colombia.

The deserved distinction adds to the wonderful growth by the Business Group, which has been positioned as one of the largest manufacturers of window frames worldwide, which has been described as “The Window of the World”. In addition, the Group’s new Soft Coat glass factory was added this year with a 43 million dollar investment and a two thousand square meter plant and 700 new employment opportunities  for the city, region and country.

The recognition was awarded on Thursday November 19 with the participation of 300 guests from the real estate and construction sectors in the Bogotá Gun Club during the seventeenth version of the FIABCI Awards for Real Estate Excellence.

A total of 12 Awards were given in this new version of awards by the FIABCI Chapter in Colombia, who analyzed the design, construction, financing and operation of the various projects around the country to recognize the professional quality of engineers, architects and entrepreneurs in the sector.

During this new version of the awards was when  C.I. Energía Solar Eswindows and Tecnoglass  received the Award for International Companies of the Year, highlighted by their increasing export activities, a positive representation of Colombian industry abroad and the further consolidation of its business in the United States and Latin American markets. The award was received by Rodolfo Espinosa Meola, President of C.I. Solar Energy ESWindows from the President of the colombian FIABCI Chapter, Andrés Correa.

José Manuel Daes, director of the successful barranquillero Business Group.

Together with Tecnoglass and CI Solar Energy ESWindows were highlighted companies such as Terranum, Camilo Santamaria Architects, Constructora El Castillo, Amarilo, Argos Group, Concocreto, Prabyc Engineers, Ospinas, among others, also were awarded Medals Hernando Luque Ospina to Life and Work entrepreneur Arturo Street and the Medal of Real Estate Merit 2015 Engineer Alberto Santiago Botero.

Christian Daes, one of the directors of Tecnoglass Group.

This year the jury as evaluation criteria took into account the innovation and application of new trends in the field of sustainability, reducing environmental impact and work on corporate social responsibility.

The new recognition made Tecnoglass Group companies coincides with the latest sales balance presented by Christian Daes and Jose Manuel Daes company executives. During the first 9 months of the year CI Solar Energy Tecnoglass ESWindows and they reported sales of US $ 291,361 and US $ 308,465 respectively, equivalent to an increase of 50.4% and 70.9% compared with the same period last year. This growth corresponds to the startup of a new plant for glass soft coat technology and capacity expansion in technology, the business group.

Source: La Chachara

Tecnoglass y C.I. Energia Solar ESWindows, International Companies of the Year

Tecnoglass y C.I. Energia Solar ESWindows, International Companies of the Year

Alejandro Lega, academic member of FIABCI, Rodolfo Espinosa, President of CI Solar Energy and Andrés Correa, President of FIABCI Colombia.


The Companies  received recognition in the seventeenth version of the FIABCI Prix.

Tecnoglass and C.I. Energía Solar ESWindows and were recognized as International Companies of the Year, highlighting their increased export activity, positivele representing Colombian industry abroad and by further consolidating its business in markets in the United States and Latin America.

The award was presented during the seventeenth version of the FIABCI Awards for Real Estate Excellence, an event that was held in the Bogotá Gun Club with the over 300 guests from the real estate and construction sector.

A total of 12 awards were given in this new version of awards by the International Real Estate Federation -FIABCI- Colombia Chapter, who analyzed the design, construction, financing and operation of various projects in the country to recognize the professional quality of engineers, architects and entrepreneurs in the sector.

The award was received by Rodolfo Espinosa, President of C.I. Energía Solar ESWindows from the President of the colombian FIABCI Chapter, Andrés Correa. Alongside Tecnoglass and C.I. Energía Solar Energy ESWindows, other companies were highlighted such as Terranum, Camilo Santamaria Architects, Constructora El Castillo, Amarilo, Grupo Argos, Concocreto, Prabyc Ingenieros, Ospinas, among others, also,  the Hernando Luque Ospina lifetime acheivement Medal was awarded to businessman Arturo Calle and the Medal of Realty Merit 2015 to Engineer Alberto Santiago Botero.

This year, as evaluation criteria, the jury took into account the innovation and application of new trends in the field of sustainability, reduction of environmental impact and work in corporate social responsibility.

This new recognition to Tecnoglass Group companies coincides with the latest sales balance presented by Christian Daes and Jose Manuel Daes Chief Executives of the company.

During the first 9 months of the year and C.I. Energía Solar ESWindows and  Tecnoglass reported sales of US $ 291,361 and US $ 308,465 respectively, equivalent to an increase of 50.4% and 70.9% compared with the same period last year. This growth corresponds to the startup of a new plant for glass using soft coat technology and capacity expansion in technology by the business group.

Source: Zona Cero

Tecnoglass posts (COP) $ 308 billion in sales

Energía Solar reported sales of (COP) $ 291 billion. Overseas sales by the companies increased in 2015.

In the first nine months of the year Tecnoglass SA had sales of (COP) $ 308 billion, representing an increase of 70.9% compared with the same period last year ((COP) $ 180 billion).

Net sales in the third quarter of this year totaled (COP) $ 125.688 million, as reported by the company in a statement.

The 42% of total sales recorded between January and September this year were represented by international negotiations, while in 2014 that share was only 29%.

The operating profit of the company was (COP) $ 51 billion with an increase of 165.9% compared to last year as foreign sales increased.

This increase in sales is due to the new facilities producing Soft Coat (Low-E) glass that began operations in September 2015 with 700 new employees. Also, other projects that the company has put forward to increase production capacity in recent months.

On the other hand, Tecnoglass subsidiary Energía Solar S.A. reported sales between January and September this year of (COP) $ 291 billion, with an increase of 50.4% from the same period last year ($ 193 billion). 62% of total company sales in this period Are due to sales ​​abroad.

Net sales of the company in the third quarter of this year totaled (COP) $ 119 billion.

Source: El Heraldo, Business Wire

Christian Daes Tecnoglass

Energía Solar SA recorded sales for (COP) $ 291 billion

The company said that the significant increase is due to the penetration achieved in Florida, New Jersey, New York, California, Washington and Texas.

In the first nine months of the year,  Energía Solar SA recorded sales of (COP) $ 291 billion, this represents a50.4% increase compared to the same period last year ((COP)$ 193 billion).

The net sales for the company in the third quarter 2015 totaled $ 119.088 million, as reported in a statement.

62% of total company sales recorded between January and September 2015 were due to business abroad. During this period, sales to the United States increased by 59% compared to 2014.

“This significant increase is the result of greater incursion the company has achieved in this market where, along with Florida, the company now serves states like New Jersey, New York, California, Washington and Texas, among others”, as quoted from a company statement.

By the close of September, the company, who is a leader in high quality products for the construction industry such as windows, doors, facades and floating divisions, had record purchase orders for USD $ 360.4 million.

“Due to the nature of long-term projects in which the company is involved,, there is a high level of visibility on future sales that are registering in purchase orders, “he adds.

Company records show an increase in exports of finished products for the third and fourth quarters of 2015, as well as shipments scheduled for the first and second quarter of 2016.

Source: El Heraldo16

Christian Daes

Tecnoglass, from January 6 listed in the BVC

The Registration Committee of the Colombian Stock Exchange announced on Tuesday that the company had been accepted.
From January 6, shares of the Tecnoglass may be traded in the Colombian Stock Exchange.

This company is listed on Nasdaq in the United States since March 2012, and made its request to enter the local stock market in mid-October of this year. At the time, the president of the business group, Christian Daes, told Portafolio that the opportunity had to be given to domestic investors to purchase their stock without opening accounts in other countries and that the aim is to bring them more liquidity to these titles.

45 months ago, after ringing the bell in New York, the company made ​​an initial public offering of ordinary shares which earned 42 million dollars. But most importantly, according to Daes, the reliability that was achieved in a nation where the majority of its sales are made.

This mechanism has already been used by companies such as Pacific and Canacol, with operations in Colombia and whose securities are traded on the BVC, but its main market is the Toronto Stock Exchange.

“We are pleased to inform you that the Registration Committee of the BVC held on December 18, 2015 authorized the registration of the dual listing of the common shares of Tecnoglass Inc. in this market, ” as said in a letter from the legal representative of the BVC, Javier Diaz Fajardo, to Tecnoglass Chief Financial Officer Joaquin Fernandez, announcing the news of the acceptance in the BVC.

“We appreciate the trust put into the Colombian stock market and we are confident that our registration will be of great benefit to you and other market participants, “said Diaz.
The base price for the first day in the country will be the closing price on Nasdaq the day before converted by ​​the Representative Rate Market of the same date.

In that exchange, this year’s Tecnoglass stock peaked on December, when it reached US $ 15.06.

However, the value has fluctuated and yesterday it was quoted at $ 13.50, which It means it has depreciated by 10.36%. However, it has been a year of exponential growth and plans to finish with a turnover of 800,000 million pesos.

Shares will be available in the local market, but investors who buy directly abroad can also have the option to ask their brokers transfer to the titles so that they can be traded on the Colombian market.


Tecnoglass: like tempered glass

Tecnoglass is one of the leaders in the region in the business of window frames and is the only Colombian company whose shares are traded in the Nasdaq stock exchange. The company prepares to issue shares in Colombia.

Tecnoglass is one of the most emblematic companies from Barranquilla. For the last 30 years, since it was created and the plant was assembled, they began an expansion process, first at home and then globally.

Although they have gone through difficult situations like the construction decline in Colombia in the late 90s and the international crisis that began in 2008, these impasses have strengthened Technoglass. For example, the first crisis motivated output to international markets and developed a greater added value in their products adjusting to demands and requirements of international markets -like hurricane resistant glass-, especially for southern Florida, USA, and the second crisis diversified and expanded its product portfolio.

Today Tecnoglass exports to more than 30 destinations and serves great projects, not only in South America but also in other areas like New York, Hawaii, Philadelphia, San Francisco and Las Vegas. By 2014, according to figures from “5,000 Empresas de Dinero” Tecnoglass posted revenues of $ 250,000 million, a more than 25% increase compared to the previous years growth.

“We aim to have sales of more than US $ 500 million over the next five years. We have the best glass and aluminum technology in the hemisphere. In August we will inaugurate the new plant, with an investment of US $ 45 million, in a process that applies microscopic layer onto the glass surface by atomic layering that lets in light but not heat or cold and gives the glass insulating properties. It is a norm in the United States requires that all projects have thermal coating”, adds Daes.

A little over a year ago, Tecnoglass executed one of the most important moves in the stock market: It is the only colombian company that has been listed in Nasdaq, the second most liquid stock exchange in the world, where shares of the most innovative companies in sectors such as technology, renewable energy and even restaurants and fashion are traded.

For Daes, this decision “was a bad business for the family but a great deal for the company”. For years it entered the market in southern Florida and became one of the most important players in that area. However, that knowledge was not enough to reach other areas in the United States and other major projects. “The entry into Nasdaq gave us the credibility we needed in the market, we passed all the exams, we are regulated and the auditors make their reports on the company”, adds Daes.

Today 84% ownership of the company is held by Colombian partners and the rest are out int market. The value of the stock is at US$ 12 and when he came out it was at US $ 10. “We believe there is no reason to be less than US $ 20 when our competitors are trading at 10, 12, 14 times Ebitda, while we are at 4.5 times Ebitda. We are thinking of emmiting stocks in Colombia -announced Daes- where we believe we can have more movement, and we can make it available to local players, like pension funds. We have started the process to enter the Colombian Stock Exchange”.

While the subject of the Exchange is defined and advances are made in new products, Tecnoglass look forward to the European market and the Middle East.
They are studying two scenarios for that case: one, the logistics operation from Barranquilla to serve those destinations; and two, analyzing some companies in Europe to purchase. Quite a long-term bet.

Source: Tecnoglass, como un vidrio templado

Tecnoglass takes another step in glass production

Its new plant, a $ 50 million investment begins operations this week.

Tecnoglass expects its new soft coat glass factory, which starts production this week, will help open markets to which access has failed, providing growth in their sales.

In 2015 the company from Barranquilla could reach sales in excess of 800 billion pesos, and the goal is to sell 1,100 billion pesos in 2016.

The plant represents an investment of $ 50 million and is located in the industrial citadel that Tecnoglass has built in Barranquilla. It occupies an area of 2,000 square meters and is kept as sterile as an operating room.

At the center of the whole process is a german machine known as the  Bonarden, in honor of its. From the outside it resembles a huge metal box, 220 meters long, filled with buttons and 64 portholes where you can see the high-tech chemical processes that take place inside.

Within the machine there exist a series of conditions like vacuum chambers and reduced gravity created by the gas emission, so that metals such as silver, zinc and titanium may adhere to the glass.

“The technology is similar to what used to separate electrons from uranium in the production of atomic fuel, but what we do is separate electrons from silver to help adhere them to the glass”,explains Tecnoglass vice president, Carlos Amin Daes.

As the process begins, the glass is quite normal, but at the end it becomes a material with which windows that are capable of maintaining the temperature while letting through visible light, are made. In other words, in hot climates they block the heat from the sun, saving on air conditioning expenses, and in colder climates the windows trap the heat, thus lowering heat expenses.

These procedures are computer controlled in their entirety.

The temperature in the compartment where the machine is housed is as cold as a refrigerator, A strong contrast to the heat normally felt in Barranquilla.

Amin recalls that by the 60s and 70s in the United States and other developed countries the heat in buildings was controlled putting reflective layers on glass, which is why you see all the huge buildings in New York and Chicago that look like giant mirrors. The disadvantage to this solution is that most of the light was reflected along with the heat and a lot of artificial lighting is required, along with higher energy bill. Instead the ‘soft coat’ is transparent and allows moderate light reflection to varying degrees, from 10º to 60º and gives bluish, greenish or a tanned color to the surface of the glass.

Six physicists worked on the development of Tecnoglass’ plant, which shows the high level of thought going into the project. In fact, according to Amin, in America there are only two similar factories in EE. UU. and Brazil. “As they say, we are taking a step further, because neither Mexico nor Chile or Argentina have anything similar,” he adds.

Guaranteed Market

Today, Tecnoglass today requires a million square meters of low-emission glass, about a third of its sales, that are purchased from a U.S. supplier. The plant that was opened has an 8 million square meter capacity, which gives the business group a possibility for  large growth.

According to Tecnoglass president, Christian Daes, new markets in Europe, Asia, USA and Canada, where the use of soft coat glass in buildings is mandatory are now within reach, as well as Mexico, which is already beginning to introduce similar legislation. There is also hope that this initiative will spread to Latin America and Colombia.

“For example, in the past I could not sell glass in Texas or Canada, but now I have an advantage because my soft coat competitors there do not  insulate or produce laminates, like we can. With the new factory, I assure you that we will conquer the market and we will show growth in that sector and many others”, notes Christian Daes.


The president of the Tecnoglass conglomerate, which is made ​​up of diferent firms:  Tecnoglass (dedicated to glass), ESwindows (windows) and Alutions (aluminum profiles), Christian Daes said that contacts have already been made in Europe to sell their ‘soft coat’ products and has even got an order for three million Canadian dollars, that would not have been possible without the plant they opened in Barranquilla.

In Asia, Daes expects to sell glass sheets for others to process.

“We have not yet gone to offer, although we have connections, because we don’t like to sell what we don’t have”, notes the businessman, who claims that their product exceeds quality standards of products that come from the United States.

Additionally, the firm will produce curved glass, that they now make by hand and of lower quality, a type quite sought after by architects and is only provided by two or three factories in the world

From: Portafolio

Tecnoglass showed the highest growth in profits with a variation of 368.7%

Bogotá. So far, the greatest growth in earnings was Tecnoglass, showing an increase of 368.7% to record a figure in June of $ 8.281 million, followed Isagen with a rise of 41% and success that rose 19.6%. However, the largest amount recordedwas Ecopetrol with $ 1.6 trillion; followed by Bancolombia, with $ 694,982,000 and EPM with $ 326,010 million.

Cecilia López Montaño, former director of National Planning, said that “although there are still doubts as to whether or not sell ISAGEN, the energy sector is still profitable. I am in favor of keeping ISAGEN, and to some extent increase the debt quota, but to make decisions a thorough analysis is necessary.

“Moreover, in the second quarter of 2015, ISA showed an increase in net profit of 14.4% compared to the same period of the previous year. These results, according to the company, are explained by higher revenues on electricity transportation, road concessions and telecommunications, lower interest expenses in Chile and the effect of converting the financial information.

Luis Francisco Cuestas, a professor at Politécnico Grancolombiano University, said that when the resulting indexes of consumer confidence are analyzed, it shows that Colombians still think that the country is not in serious trouble.

“There is eagerness to buy products, but the economy could change with such a high dollar to peso exchange rate. For some people it is a moment to stop purchasing things. Then the heavy borrowing for home appliances implies that power generation remains a profitable business, “said Cuestas.

Another company that posted positive numbers was Bancolombia. In the second quarter it had an increase in net profit of 11.8% to $ 694.982 million compared with the same period last year. In addition, net interest income increased 18.6% from what was posted last year.

The results of Pacific Exploration and Production Corporation a Canadian oil company, involved a net loss of US $ 226.37 million, which according to the company “are reflected in the significant impact of the reduction in the price of crude oil. Other non-cash items affecting earnings include the depletion, depreciation and amortization of expenses, risk management and unrealized losses on currency exchange “.

The next meetings

Next September 4th Ecopetrol will hold a special assembly to officially appoint the new chairman of the board which will be headed by Luis Fernando Ramirez.

The Superfinanciera reported that Banco de Occidente, also convened its shareholders to an ordinary meeting on September 17.

Source: La República

The Tecnoglass – ESWindows Foundation

The Tecnoglass – ESWindows Foundation was born on July 18th, 2005 due to Tecnoglass and Energia Solar S.A.’s shareholders’ interest in collaborating with the management of social development projects and programs. Their main objective is to improve the quality of life for employees and their families, as well as the most vulnerable members of their communities.

Tecnoglass grew 56% in the first semester

The report for the second quarter was $ 103 billion, which consolidates sales of 182,776 million.

Tecnoglass a company headquartered in Barranquilla and listed on the New York Stock Exchange, reported sales of more than 103,000 million in the second quarter, which consolidates a turnover of 182.776 million for the entire first half of 2015. This figure represents an increase of 56.6% over the first six months of 2014.

International sales of this firm, dedicated to the transformation of architectural glass and aluminum profiling for high quality construction in the residential and industrial sectors, and exports to the United States, Central and South America, had a share of 41%, which means a big growth as in the first half of last year sales represented only 29% of the total.

Tecnoglass management highlighted positive factors such as the commissioning of a new extrusion line with capacity of 450 tons per month, profile painting and a cutting edge glass laminating plant. This led to a 700 employee increase in their workforce.

Besides, they show great optimism for things to come in 2016 as from November and December on they will start to new lines that will significantly increase their production capacity.

Source: Portafolio

Tecnoglass Gains U.S. Base through Acquisition of Glasswall Assets

The United States currently accounts for more than half of Colombia-based glass company Tecnoglass’ revenue, so it only made sense for it to establish a manufacturing base in the country—something it had lacked until now.
Tecnoglass, headquartered in Barranquilla, Colombia, acquired the assets of Miami-based impact door and window manufacturer Glasswall, including a 160,000 square-foot manufacturing and office facility in Miami, manufacturing and assembly equipment and Miami-Dade Notice of Acceptance (NOA) for products manufactured and sold by Glasswall.
“The acquisition is very important strategically for various reasons,” Tecnoglass CEO Jose M. Daes told™. “It gives us local manufacturing capabilities, [and] speeds up the processes of maintenance and replacement pieces, which translates into better service and client satisfaction.”
“We are committed to the U.S. market, which is today 60 percent of our sales, therefore we are making the moves to grow but in orderly fashion.” Daes adds that the company will now have a distribution center for residential windows, a sector in which he says it was lacking.
According to the company, total consideration for the transaction consisted of $4 million in Tecnoglass stock and a 15-year, $5-million term loan that Tecnoglass secured to acquire the facilities.
Glasswall was founded in 2002 by real estate developer Ugo Colombo, who previously founded CMC Group in 1986. CMC Group is a real estate development company focused on commercial, residential and retail properties and has developed more than 10 million square feet of commercial and luxury residential real estate, according to a release.
Tecnoglass currently plans to supply impact resistant doors and windows for four CMC Group projects over the next three years. Daes says Tecnoglass has Colombo’s “firm commitment” on the projects and anticipates entering an initial agreement with CMC Group by mid-2015.
Tecnoglass will continue to manufacturer at its 2.3-million square-foot facility in Colombia, though its newfound ability to “perform select manufacturing and light assembly in the U.S.,” Daes says, “will enhance client service and create certain cost efficiencies.”

Read on:
Yahoo Finances
January 13, 2015 4:05 PM

Tecnoglass sales totaled (COP) $ 182 billion in the first semester

The company announced the commissioning of a new ‘soft coat’ glass plant.

The sales recorded by Tecnoglass SA during the first half of this year totaled (COP) $ 182,776,000,000, representing an increase of 56.6% compared to the same period last year, when they reached (COP) $ 116,698,000,000.

In the first six months of the year, international sales for the company, headquartered in Barranquilla, that has a presence in the markets of different countries in North, Central and South America, amounted to 41% of total sales and totaled $ 74.938 million, an increase of 122.3% compared to sales of $ 33,713 million reported in the first half of 2014, representing a 29% of total sales.

The utilities from the company dedicated to the production of architectural glass and aluminum profiling for the construction of residential and commercial buildings, in the first semester recorded an increase by 98.8% by surpassing from $ 23,623,000 in 2014 to $ 46.969 million this year.

Christian Daes, CEO, said: “It is a very important moment for Tecnoglass. We remain on track to report record results for 2015 and 2016, and we are taking steps to raise our profile in the industry, increase productivity and expand our operations”.

He noted that during the second quarter into operations began on a new extrusion line with a 450 tons per month capacity, a profile painting line and the latest in glass laminating technology.

The projection for the end of the year is to begin operating two more production lines, with which significantly increase the capacity of lamited insulating glass.

New ‘Soft Coat’ Glass Plant (low emissivity)

Daes announced that a new plant for the production of  ‘Soft Coat’ glass (Low-E) will soon enter production at its plant in Barranquilla with an investment of USD$43 million. This cutting edge German technology will allow the company to reduce the cost of waste generated by the limitations of the standard sizes in the market for this type of glass.

The Soft Coat Low-E glass has properties that only allow the passage of light, retaining the exterior and interior glass temperatures, resulting in an increased level of efficiency in air conditioning systems in buildings.

The company estimates that the new plant will generate an estimated saving by waste between USD $6 million and $ 8 million per year and it allows the possibility of new sales of over USD $200 million annually.

At launch, the plant will run at 15% of its capacity of more than 7 million square meters per year, to meet the current demand for window frames with Soft Coat and the remaining 85% of capacity, will be addressed in the next two to three years.

Source: El Heraldo

Tecnoglass President participates in BANCOLDEX 2015 Forum

Tecnoglass was present at the forum “Growing up with ambition, focus, resilience” organized by BANCOLDEX, which took place at the  Julio Mario Santo Domingo Theater in Bogota.

Christian Daes, company president, was invited to participate in the panel: “Companies and regions that dare to compete to grow”

The BANCOLDEX Forum is a meeting which aims to introduce the successful experiences of Colombian entrepreneurs who have dared to grow with innovative and different approaches.


Tecnoglass wants to turn Barranquilla into the “world window capital”

With 60% of its sales concentrated in the US and Panama, Tecnoglass remains committed to the US market

Tecnoglass, the only Colombian company listed on the Nasdaq Stock Exchange in New York, aims to make Barranquilla into the “world window capital”, as said today the company president, Christian Daes.

Specialized in the production of glass, facade design and the manufacture of windows, Tecnoglass sales in 2014 reached 505 billion pesos (US $ 208 million) and, in 2016, expects a turnover of one trillion pesos (about 411 million dollars).

Tecnoglass manufactures architectural glass, windows and aluminum products for industrial, residential and commercial building projects. During 2013 Tecnoglass recorded consolidated revenues, including those of its affiliates, for $ 183 million and $ 133 million in 2012.

“Our motto and our aim is to make Barranquilla into the world window capital and we are headed in that direction” as said by DAES to Colombia.inn operated by the Efe agency, who spoke today at a meeting in Bogota in a presentation of the new strategy by the Bancóldex Group.

According to the entrepreneur, the firm, founded in 1994, has generated 4,500 jobs, while it has led the region to develop a line of suppliers of products and services to process 140 tons of glass daily.

“There is a whole infrastructure around us: we move 7,500 containers per year and therefore carriers have benefited and have grown by our side”, said Daes, noting that they also work with companies that manufacture the crates for transport and customs services, among others.

With 60% of its sales concentrated in the US and Panama, Tecnoglass remains committed to the US market and continues manufacturing in the country, with the incorporation of technologies that allow them to rely “less on imports”.

“Entrepreneurs often want to sell what they have and don’t want to create an industry around what customers need, that has been our strength in Tecnoglass” where “we have fitted a whole infrastructure around what the (North) American market  needs in windows”, Daes said.

The company, whose entry into Nasdaq leveraged US $40 million for its expansion plans, counts among its works the El Dorado Airport in Bogotá, the Trump Plaza (Panama) and the Trump Tower (Miami) as well as other buildings in countries like Bolivia, Costa Rica, Dominican Republic and Singapore.

Source: Economy Section, El Heraldo