JS Group Buys Permasteelisa

Japanese aluminium sash maker JS Group Corp. is paying 573 million euros ($820 million) to buy construction firm Permasteelisa from Cima Claddings, Reuters reported Thursday. Cima Claddings is indirectly controlled by European private equity firms InvestIndustrial and Alpha.

(Reuters) – Japanese aluminium sash maker JS Group Corp said on Thursday that it would buy Italian construction firm Permasteelisa from Cima Claddings for about 573 million euros ($820 million), as it looks to expand its overseas business.

A JS Group subsidiary firm will acquire all 25,613,544 shares in Permasteelisa from Cima Claddings, which is indirectly controlled by European private equity firms InvestIndustrial and Alpha.

JS Group, which has been targeting overseas sales of 1 trillion yen by 2016, said the acquisition would help it build a strong presence in the market for so-called curtain walls — the non-structural outer shells of some buildings.

JS Group shares after the announcement pared earlier gains to trade down 2 percent at 1,924 yen. The benchmark Nikkei 225 average advanced 0.6 percent.

($1 = 0.700 Euros) (Reporting by Mariko Katsumura; Editing by Joseph Radford)