Koch Industries to buy glass maker Guardian Industries

MarketsAssociated Press

Koch Industries says it is buying glass maker Guardian Industries, a company that the conglomerate had already been an investor of.

Koch says it will pay cash to buy the remaining 55.5 percent of Guardian shares that it doesn't already own. Koch has been an investor in Guardian since 2012.

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The companies, which are privately-held, did not disclose financial details of the deal.

When the deal closes, which is expected to happen in the first three months of 2017, Wichita, Kansas-based Koch will add another business to the diverse mix of companies it owns. Koch's companies make fertilizer, carpeting and several other products.

Guardian, based in Auburn Hills, Michigan, makes glass used for windows, bus windshields and other uses.