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

Though record-high revenue didn't lead to higher profits, Tecnoglass believes investment in “high-return projects" will yield good results throughout 2017.

The quarterly dividend of $0.125 per share will be payable on April 28, said Tecnoglass earlier this month.

Tecnoglass says the $35 million USD acquisition will diversify its distribution network and strengthen its position in the United States.

Tecnoglass plans to repay around $185 million in obligations and fund working capital needs with the funds.

The Miami company is the largest importer and reseller of Tecnoglass products in the United States.

Fitch Ratings assigned the company an issuer default ratings of BB-. Moody's handed out its equivalent at Ba3 for the firm's corporate family rating.

The Barranquilla-based glass manufacturer is coming off a warrant exchange offer and the start of its quarterly dividend payment.

"We expect a substantial reduction of the warrant liability and an increase in shareholders' equity," said Tecnoglass CEO José M. Daes. in Colombia.

Warrant holders can exchange 2.5 outstanding warrants for one Tecnoglass ordinary share while the dividend will begin paying $0.125 per share in September.