Fortune Brands Home & Security Inc. has completed the sale of Simonton Windows to Ply Gem Holdings, Inc., a manufacturer of exterior building products in North America.
The Simonton business was sold for approximately $130 million, or roughly 10 times 2014 EBITDA. The Simonton sale is expected to reduce Fortune Brands' second half 2014 earnings per share from continuing operations by 2 to 4 cents.
"We believe the sale of Simonton will allow us to more sharply focus on our Therma-Tru entry door and Fypon trim business and position us to further increase operating results in 2015,” said Chris Klein, chief executive officer, Fortune Brands.
Fortune Brands remains committed to owning and growing its door segment with its industry-leading Therma-Tru entry door business which is focused on the growing fiberglass segment within the entry door category. The Company expects Therma-Tru will continue to drive profitable growth with its product innovation, total door system approach and strong distribution network. PR
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