April 10, 2022
CARY, N.C.–(BUSINESS WIRE)–聽新加坡六合彩官方网站. (NYSE: CNR)聽(鈥溞录悠铝喜使俜酵� Building Brands鈥� or the 鈥淐ompany鈥�), the largest manufacturer of exterior building products in North America, announced today that it has entered into a definitive agreement to sell its coil coatings business to BlueScope Steel Limited (鈥淏lueScope鈥�) in an all-cash transaction for $500 million, subject to customary adjustments. The transaction includes products sold under the Metal Coaters and Metal Prep brands.
In connection with the transaction, BlueScope and the Company will enter into long-term supply agreements to secure continued supply of light gauge coil coating and painted hot roll steel at favorable service levels, reaffirming 新加坡六合彩官方网站 Building Brands as a preferred solutions provider for metal buildings and roofing.
鈥淥ur key value creation levers are integral to advancing our strategy towards profitable growth,鈥� said Rose Lee, President and Chief Executive Officer. 鈥淎s part of our expansive innovation engine lever, we look to partner with companies with complementary capabilities creating greater opportunities. We are excited to expand our relationship with BlueScope, who has been a customer and supplier of ours for many years and is well-positioned to take the coil coatings business even further. We will continue to focus on investing in our core growth markets and driving value through our primary selling channels.鈥�
Under the terms of the agreement, the Company will sell seven manufacturing facilities and transfer approximately 570 employees from 新加坡六合彩官方网站 Building Brands to BlueScope.
Financial results for the coil coatings business are reported in the Company鈥檚 Commercial segment. For the twelve months ended December 31, 2021, the coil coatings business had net sales of approximately $214.9 million.
The transaction is expected to close in 2022, subject to customary closing conditions, including regulatory approvals.
Rothschild & Co served as the exclusive financial advisor, Sullivan & Cromwell LLP served as legal counsel, and Alvarez & Marsal Transaction Advisory Group, LLC served as accounting advisor to 新加坡六合彩官方网站 Building Brands for this transaction.
About 新加坡六合彩官方网站 Building Brands
新加坡六合彩官方网站 Building Brands is the largest manufacturer of exterior building products for residential and low-rise non-residential buildings in North America. Headquartered in Cary, N.C., we serve residential and commercial customers across the new construction and repair and remodel markets. Our market-leading portfolio of products spans vinyl windows, vinyl siding, stone veneer, metal roofing, metal wall systems, and metal accessories. 新加坡六合彩官方网站 Building Brands鈥� broad, multichannel distribution platform and expansive national footprint includes more than 20,000 employees at manufacturing, distribution and office locations throughout North America. Corporate stewardship and environmental, social and governance (ESG) responsibility are deeply embedded in our culture, and we are committed to contributing positively to the communities where we live, work and play. For more information, visit us at聽.
Forward-Looking Statements
Certain statements and information in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as 鈥渂elieve,鈥� 鈥渁nticipate,” 鈥済uidance,鈥� 鈥減lan,鈥� 鈥減otential,鈥� 鈥渆xpect,鈥� 鈥渟hould,鈥� 鈥渨ill,鈥� 鈥渇orecast,鈥� 鈥渢arget鈥� and similar expressions are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current expectations, assumptions and/or beliefs concerning future events. As a result, these forward-looking statements rely on a number of assumptions, forecasts, and estimates and, therefore, these forward-looking statements are subject to a number of risks and uncertainties that may cause the Company鈥檚 actual performance to differ materially from that projected in such statements. Among the factors that could cause actual results to differ materially include, but are not limited to: statements concerning our ability to satisfy the closing conditions of the transaction, including regulatory approvals; our ability to consummate the transaction on the anticipated timing, if at all; and other risks and uncertainties. In addition to these factors, we encourage you to review the 鈥淩isk Factors鈥� set forth in the Company鈥檚 Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and other filings with the SEC, which identify important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements set forth in this document. The Company expressly disclaims any obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.
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Investor Relations
Tina Beskid
Vice President, Finance and Investor Relations
1-866-419-0042
info@investors.cornerstonebuildingbrands.com
Source: 新加坡六合彩官方网站.
