Alcoa Signs Agreement to Sell Home Exteriors Business to Ply Gem Industries
NEW YORK--(BUSINESS WIRE)--Alcoa (NYSE:AA) announced today that it has signed a definitive agreement to sell its Alcoa Home Exteriors business to Ply Gem Industries, Inc., a U.S. manufacturer and marketer of a range of products for use in residential new construction, do-it-yourself and the professional renovation market, for more than $300 million in cash. The transaction is expected to be completed in the fourth quarter of 2006.
Alcoa Home Exteriors manufactures and markets premium products for the residential construction and remodeling markets in the U.S. Alcoa announced in April its plan to divest the Alcoa Home Exteriors business because it no longer fit with its core global building and construction business portfolio.
Alcoa Home Exteriors has 1,400 employees, revenues of approximately $600 million in 2005, and offers a portfolio of more than 14,000 products. Alcoa Home Exteriors' manufacturing facilities are located in Atlanta, Ga.; Denison, Texas; Gaffney, S.C.; Sidney, Ohio; and Stuarts Draft, Virginia.
Ply Gem Industries, headquartered in Kearney, Missouri, is majority owned by private investment firm Caxton-Iseman Capital, Inc. Its principal products include vinyl siding, windows, patio doors, fencing, railing, decking and accessories and aluminum window and siding products marketed under the Variform, MW, Patriot, Alenco, Great Lakes, Napco, Kroy and CWD brand names.
Alcoa is the world's leading producer and manager of primary aluminum, fabricated aluminum and alumina facilities, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) foils and plastic wraps, Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 129,000 employees in 44 countries and has been named one of the top most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland. More information can be found at www.alcoa.com