Andersen Corporation, America's premier window and door manufacturer, has signed a definitive agreement to sell its hollow core vinyl window and patio door business, including the Silver Line and American Craftsman brands, to Ply Gem, a leading manufacturer of building products used in both new construction and home repair and remodeling across the United States and Canada.
"This divestiture is part of Andersen's broader strategy to sharpen our focus on our Andersen, Renewal by Andersen and specialty brands, continue to make the significant investments required to support our fast-growing, proprietary, Fibrex® engineered composite products, and deliver exceptional value to our customers for years to come," said Andersen Corporation Chairman and CEO Jay Lund.
Ply Gem will acquire the four Silver Line manufacturing plants, associated distribution and support services for $190 million, which represents a 10X multiple of Silver Line's trailing 12-month EBITDA through the second quarter of 2018. The more than 4,000 employees working in these locations and functions will transition to Ply Gem with the business.
The transaction is expected to close by early in the fourth calendar quarter of 2018, subject to regulatory review and approval.