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Cornerstone Building Brands Inc (NYSE: CNR) has agreed to acquire Cascade Windows for $245 million in cash. Cascade is an independent manufacturer of energy-efficient vinyl windows and doors serving the residential new construction and repair and remodel markets.
The Spokane Valley, Washington-based Cascade generated ~$160 million in sales during the twelve months ended May 2021. It has ~800 employees at six manufacturing and three distribution locations across the West and Pacific Northwest.
Cornerstone expects the transaction to be accretive through purchasing and manufacturing optimization synergies, margin expansion, and revenue growth opportunities.
"Cascade is an excellent strategic fit for our Company and advances our strategy to grow in the large, deep residential windows market. Additionally, the acquisition expands our manufacturing presence across the rapidly growing west coast region and enhances our tailored solutions offering for our customers," commented James S. Metcalf, Chairman and CEO.
Cornerstone expects to close the transaction in the third quarter of 2021 and fund with cash on hand. It held cash and cash equivalents of 2.9 million as of April 3, 2021.
Price action: CNR shares are trading lower by 1.55% at $16.56 on the last check Monday.
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