Ply Gem to Acquire Silver Line Division from Andersen Corporation
CARY, N.C.--(BUSINESS WIRE)--Aug 28, 2018--Ply Gem, a leading North American manufacturer of exterior building products, has entered into an agreement with Andersen Corporation to acquire the Silver Line vinyl window and patio door division, which had 2017 annual revenues of more than $440 million. The transaction, valued at approximately $190 million, aligns with Ply Gem’s strategy of driving growth in revenue and earnings in part through targeted acquisitions of highly complementary businesses.
As part of the deal, Ply Gem will acquire the portfolio of products sold under the Silver Line and American Craftsman brands, four Silver Line manufacturing plants and the associated distribution and support services. Approximately 4,000 employees at these locations and functions will transition to Ply Gem with the business. The transaction further strengthens the Ply Gem portfolio by adding two highly respected brands and is expected to:Create a more comprehensive and balanced portfolio across the repair and remodeling (R&R) and new construction segments Establish a stronger national residential windows platform with manufacturing scale and channel distribution advantages to better serve both R&R and new construction customers Generate opportunities for operational synergies to enhance customer service and optimize future profitability and growth
“This transaction is in full alignment with our strategic growth plan,” said Gary E. Robinette, Ply Gem’s Chairman and CEO. “The addition of the Silver Line business will better balance the mix of end markets that we serve, strengthen our core capabilities and contribute significantly to revenues and earnings. We are confident this will help us achieve synergies and competitive advantages that drive top line sales and enhanced customer value.”
“We are excited to welcome the Silver Line associates to the Ply Gem Family,” Robinette added. “The Silver Line and American Craftsman brands have been trusted by customers and consumers for over 60 years and its associates are a perfect fit for the Ply Gem culture.”
“Andersen is proud of the Silver Line and American Craftsman brands and the talented employees who have built them during the past 12 years under Andersen’s ownership. We believe they will continue to thrive under Ply Gem’s stewardship, as Andersen sharpens its focus on our Andersen, Renewal by Andersen and specialty brands,” said Jay Lund, Chairman and CEO Andersen Corporation.
The deal, which is expected to close early in the fourth quarter of 2018 pending regulatory review and approval, will be funded through a combination of cash on hand and incremental borrowings. After giving effect to anticipated cost savings and synergies, the acquisition is expected to be credit accretive.
About Ply Gem
Ply Gem, headquartered in Cary, N.C., is a leading manufacturer of exterior building products in North America. Number one in vinyl siding and in vinyl and aluminum windows, Ply Gem produces a comprehensive product line of windows and patio doors, vinyl and aluminum siding and accessories, designer accents, cellular PVC trim and mouldings, vinyl fencing and railing, stone veneer and gutterware, used in both new construction and home repair and remodeling in the United States and Canada. Visit www.plygem.com for more information.
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Shawn Poe, 919-677-3901
Executive Vice President & CFO
G&S Business Communications
Audra Hession, 212-697-2600
KEYWORD: UNITED STATES NORTH AMERICA NORTH CAROLINA
INDUSTRY KEYWORD: RESTAURANT/BAR MANUFACTURING CHEMICALS/PLASTICS RETAIL SPECIALTY CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Ply Gem
Copyright Business Wire 2018.
PUB: 08/28/2018 01:00 PM/DISC: 08/28/2018 01:01 PM