EU and US could reach trade deal this weekend - Reuters
MIAMI, FL – Tecnoglass Inc. (NYSE:TGLS), a leading manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries, announced the appointment of Jon Paul "JP" Pérez to its board of directors on Monday.
The company, currently valued at $3.6 billion, has demonstrated impressive financial strength with a 42% gross profit margin and maintains a "GREAT" financial health rating according to InvestingPro analysis.
JP Pérez, President of Related Group, a prominent real estate developer in Florida, fills the board vacancy following Lorne A. Weil’s resignation on January 6, 2025. Pérez is set to stand for reelection at Tecnoglass’s 2025 Annual General Meeting of Shareholders and will join the Nominating & Corporate Governance Committee.
The addition of Pérez to the board is part of Tecnoglass’s ongoing governance and leadership efforts. Pérez brings extensive experience in real estate development and management, having overseen the development of numerous rental and luxury condominium units since joining Related Group in 2012.
Prior to his current role, he worked with The Related Companies of New York, where he managed various aspects of the development process. The company’s strong leadership has contributed to its robust financial position, with a healthy current ratio of 2.21 and moderate debt levels, according to recent financial data.
In his new position, Pérez will receive the standard remuneration for non-employee directors as per the company’s policy outlined in Tecnoglass’s Annual Report filed on February 29, 2024. He will also enter into the company’s standard indemnification agreement. According to the press release, there are no material transactions between Pérez and Tecnoglass that would require disclosure under SEC regulations.
Tecnoglass’s decision to bring Pérez on board reflects the company’s commitment to enhancing its strategic direction and governance structure. The company, headquartered in Miami with principal executive offices in Barranquilla, Colombia, is listed on the New York Stock Exchange under the ticker symbol (NYSE:TGLS).
The information provided in this article is based on a press release statement from Tecnoglass Inc. filed with the SEC. For comprehensive analysis and additional insights about Tecnoglass, including 14 more exclusive ProTips and detailed financial metrics, visit InvestingPro, where you can access the full Pro Research Report covering what really matters for smarter investment decisions.
In other recent news, Tecnoglass Inc. witnessed several significant developments.
The company reported record revenues for Q3 2024, reaching $238.3 million, driven by substantial organic growth. The single-family residential sector and the multi-family and commercial segment notably contributed to these results. The company’s adjusted EBITDA stood at $81.4 million, with a margin of 34.2%. With a robust backlog ensuring visibility through 2026, Tecnoglass announced a 36% dividend increase to $0.15 per share and a $100 million share buyback program.
In other developments, Tecnoglass shareholders approved the election of Christian T. Daes and Julio A. Torres as Class B directors during the Annual General Meeting held in December 2024. This decision is part of the company’s governance process, ensuring that Tecnoglass continues to meet its strategic goals and uphold the interests of its shareholders.
Furthermore, Tecnoglass announced the resignation of board member Lorne Weil, effective as of December 30, 2024. The company confirmed that the resignation was amicable and was not related to any disagreement with the company’s operations, policies, or practices. The company’s operations will continue as usual, and it remains focused on its strategic goals.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.