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The partnership creates a shared distribution network in the Americas and will allow Tecnoglass to manufacture and sell Schüco-branded products.

The payment will be made to all Tecnogloass shareholders of record at the close of business on October 26.

The dividend will be paid to all shareholders as the close of business on June 29.

The remaining $29 million USD payment was made last week with $6 million USD in cash, $13 million USD in stock, and a $10 million USD note.

The revenue of $314.5 million USD in 2017 was a record high for the Barranquilla-based window-maker.

The dividend is up slightly from the $0.125 USD-per-share dividend the Barranquilla company paid in the first quarter of 2017.

Fitch says the rating reflects the firm's good market position in windows, low cost base, and long-term expected growth rate.

Santiago Giraldo will replace Joaquin Fernandez, who will move to a new financial role related to the company's operating subsidiaries.