Cornerstone Cascade Residential Window Buyback Assistance Line (CNR) – August 23, 2021
Cornerstone Building Brands, Inc. (CN – Free Report) acquired Cascade Windows, further strengthening its presence in the new residential construction, repair and renovation markets. The all-cash transaction is valued at $ 245 million, subject to customary adjustments.
Based in Spokane Valley, WA, Cascade is a leading independent manufacturer of energy efficient vinyl windows and doors and has six manufacturing and three distribution sites in the Western and Northwest Pacific. It serves the residential, repair and renovation markets.
At the same time, Cornerstone President and CEO James S. Metcalf said, “With Cascade, we have extended our manufacturing presence in the rapidly growing West Coast region and enhanced our solutions offering on measure for our customers. “
The company has been actively involved in acquisitions and divestitures to drive growth. On April 30, 2021, it acquired Prime Windows LLC, which serves the new home construction, repair and renovation markets with energy efficient vinyl window and door products from two manufacturing plants in the United States. . This takeover expanded Cornerstone Building’s manufacturing capabilities in the western United States.
As a result of the company’s continued efforts to optimize its portfolio, it now expects third quarter net sales of between $ 1,385 million and $ 1,435 million, indicating growth from the reported $ 1,227 million. one year ago.
In addition to accretive buybacks, the company sold assets with the aim of supplying high growth, high profitability companies. Recently, Cornerstone divested the rolling door business, DBCI, to Janus International Group, Inc. (JBI – Free Report), thereby optimizing its portfolio for future growth in large and deep markets. The all-cash transaction is valued at $ 168 million. He focused on liberating value by monetizing strong assets at an attractive multiple and optimizing the portfolio for sustainable growth.
In addition, she completed the sale of the Insulating Metal Panels business to Nucor Insulated Panel Group Inc. in a $ 1 billion cash transaction.
Image source: Zacks Investment Research
Shares of the No.1-ranked exterior building products maker Zacks (strong buy) have gained 64.6% year-to-date, outpacing the products industry’s 34.5% gain. de construction Zacks – Concrete and aggregates. The company, which shares space with Eagle Materials Inc. (EXP – Free report) and Martin Marietta Materials, Inc. (MLM – Free Report) in the same industry, benefited from higher sales growth and strong performance across all business segments, supported by strong residential demand and price actions that offset inflationary pressures. You can see The full list of today’s Zacks # 1 Rank stocks here.