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Ply Gem to merge with NCI Building Systems
Houston, July 18, 2018 (PCW) -- Ply Gem Parent, LLC, a leading manufacturer of residential exterior building products, and NCI Building Systems, Inc., a leading manufacturer of commercial exterior building products, announced Tuesday, July 17, that they have signed a definitive agreement under which the two companies will combine in a stock-for-stock merger.
Under the deal, NCI will issue 58.7 million shares, worth $1.2 billion at Tuesday’s closing price, to Ply Gem. NCI will own 53% of the new combined company and the rest will be held by Ply Gem shareholders.
The new company has not yet been named. Each company will preserve its existing established brands.
Ply Gem produces siding, windows, patio doors, cellular PVC trim and moldings, roofing, vinyl fences and rails for single- and multi-family homes. Ply Gem was bought out by private equity firm Clayton, Dubilier & Rice (CD&R) in January and merged with Atrium Windows and Doors. Ply Gem has about 11,600 employees at 35 facilities in North America.
NCI produces roof and wall systems, insulated metal panels, structural framing and rollup doors for the non-residential construction market. NCI has about 5,300 employees at 38 manufacturing sites in North America.
NCI Chairman James Metcalf will serve as chairman and CEO of the new company, and Ply Gem Chief Financial Officer Shawn Poe will be CFO of the new firm.
The combined company will be headquartered in Cary, NC with a substantial presence in Houston, TX. -- Donna Todd