Architectural glass and aluminum manufacturer Tecnoglass (NYSE:TGLS) announced today that effective immediately, it is moving the company’s global headquarters from Barranquilla, Colombia, to Miami, Florida in the United States. The company already trades on the New York Stock Exchange and sells roughly 95% of its products by value into the US market.
The company says that the move will have no effect on the company’s Barranquilla factory production or manufacturing employment, and Barranquilla will remain an important administrative hub for the company’s design and back-office functions.
The new global headquarters will move into one of the company’s existing Miami facilities while it plans to purchase land for the buildout of a showroom and a new executive office over the next 12 to 18 months.
Over the past decade, Tecnoglass has experienced substantial growth in the United States, which currently accounts for more than 95% of its generated revenues. By moving its global headquarters to the United States, Tecnoglass says it believes it will be better positioned to serve its customers, respond swiftly to market dynamics, and harness the favorable growth opportunities available. Additionally, the significant portion of existing sales, marketing and corporate functions already performed in the US will be supported by this move.
“Becoming a US based company is an exciting milestone for our Company. Our successful record of sustainable growth in the US has already helped to cement Tecnoglass as a US-centric company. The decision to relocate our global headquarters to Miami is aligned with this growth and underscores our commitment to further strengthening our customer relationships, streamlining administrative functions, and enhancing our operational efficiency,” said José Manuel Daes, Chief Executive Officer of Tecnoglass.
“We believe the relocation of our global headquarters will also enhance our eligibility to be included in US based indexes, allow us to expand our reach with global investors, strengthen our US capital markets relationships, and foster long-term partnerships that will fuel our innovation and multi-pronged growth strategy.”
Still fully committed to Barranquilla
Though the company’s legal headquarters are moving to the US, Chief Operating Officer Chris Daes insists that the company is still bullish on the founders’ home town of Barranquilla and the factories continue expansion. The production will continue in Barranquilla as usual but with both the company’s capital and commercial markets primarily in the US, the legal move only makes sense.
“That’s why locating the company in Barranquilla is so important, and that’s why Tecnoglass won’t move out of here. I have said that the day I have to move the company, I’d prefer to go,” said Daes. “Here everything is made simple. We are not complicated people. We handle people right, we welcome the people from outside, the guys are good workers, they learn quickly, they are not complainers, they are happy, the help you out, they really love the company where they work, so it’s the perfect environment! Barranquilla is everything to us.”