French firm buying MN-based SAGE
Paris-based Saint-Gobain is buying Faribault-based SAGE Electrochromics.
The companies say the deal will help SAGE expand into international markets. It will also help SAGE complete construction of a new $110 million manufacturing facility in Faribault, which is scheduled to start production in January of next year.
SAGE currently employs about 125 people. The company plans to add 160 new jobs at its expanded production facility.
SAGE makes high-tech, electronically-tinted glass. It can change from a clear state to a tinted state with the flick of a switch and can be used to increase energy efficiency.
In 2010, SAGE received a $72 million loan from the U.S. Department of Energy to build its Faribault manufacturing facility.
Under terms of the purchase agreement, SAGE will be a wholly-owned subsidiary of Saint-Gobain.
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