PGT Innovations (NYSE: PGTI), a national leader in the premium
window, door, and garage door industry, today announced that it has
acquired the remaining outstanding 25% ownership interest in Eco
Enterprises, LLC (“Eco”).
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the full release here:
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Exterior of Eco Enterprises, LLC (Photo:
Business Wire)
Eco is a leading brand of aluminum, impact-resistant windows and
doors primarily serving the south Florida region, with
manufacturing and glass processing facilities in Miami, FL.
PGT Innovations first acquired 75% ownership stake in Eco in
2021 to accelerate revenue growth, expand margins, and strengthen
supply chain by adding glass production capacity, while
diversifying and bolstering product lines to provide opportunities
in residential and commercial markets.
“Since acquiring ownership in Eco, we’ve been able to utilize
this vertical integration to service the glass needs for some of
our other brands,” said Jeff Jackson, PGT Innovations President and
CEO. “We’re very excited to reach the finalization of this purchase
as it will allow us to further serve high growth markets in which
we operate.”
PGT Innovations is committed to the strategy of expanding its
family of brands, transforming manufacturing operations, and
growing in desirable markets and geographies. Over the last several
years, the company has acquired Western Window Systems, NewSouth
Window Solutions, Anlin Windows & Doors, and Martin Door.
About PGT Innovations, Inc.
PGT Innovations manufactures and supplies premium windows,
doors, and garage doors. Its highly engineered and technically
advanced products can withstand some of the toughest weather
conditions on Earth and are revolutionizing the way people live by
unifying indoor and outdoor living spaces.
PGT Innovations creates value through deep customer
relationships, understanding the unstated needs of the markets it
serves, and a drive to develop category-defining products. Through
its brands, PGT Innovations is also the nation’s largest
manufacturer of impact-resistant windows and doors and holds the
leadership position in its primary market.
The PGT Innovations’ family of brands include CGI®, PGT® Custom
Windows and Doors, WinDoor®, Western Window Systems, Anlin Windows
& Doors, Eze-Breeze®, Eco Window Systems, NewSouth Window
Solutions, and Martin Door. The company’s brands, in their
respective markets, are a preferred choice of architects, builders,
and homeowners throughout North America and the Caribbean. Their
high-quality products are available in custom and standard sizes
with massive dimensions that allow for unlimited design
possibilities in residential, multi-family, and commercial
projects. For additional information, visit
www.pgtinnovations.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: “assume,” “believe,”
“could,” “estimate,” “expect,” “guidance,” “intend,” “many,”
“positioned,” “potential,” “project,” “think,” “should,” “target,”
“will,” “would” and similar references to future periods. Examples
of forward-looking statements include, among others, statements we
make regarding our acquisition of Eco and our potential for
growth.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
current beliefs, expectations and assumptions regarding the future
of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Important factors that could
cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following:
- Unpredictable weather and macroeconomic factors that may
negatively impact the repair and remodel and new construction
markets and the construction industry generally, especially in the
state of Florida and the western United States, where the
substantial portion of our sales are currently generated, and in
the U.S. generally;
- Changes in raw material prices, especially for aluminum, glass,
vinyl, and steel, including, price increases due to the
implementation of tariffs and other trade-related restrictions,
Pandemic-related supply chain interruptions, or interruptions from
the conflict in Ukraine;
- Our dependence on a limited number of suppliers for certain of
our key materials;
- Our dependence on our impact-resistant product lines, which
increased with the acquisition of Eco, and contemporary
indoor/outdoor window and door systems, and on consumer preferences
for those types and styles of products;
- The effects of increased expenses or unanticipated liabilities
incurred as a result of, or due to activities related to, our
recent acquisitions, including our acquisitions of Martin Door
Holdings, Inc. (“Martin”) and Anlin Windows & Doors
(“Anlin”);
- Our level of indebtedness, which increased in connection with
our recent acquisitions, including our acquisitions of Martin and
Anlin;
- Increases in credit losses from obligations owed to us by our
customers in the event of a downturn in the home repair and remodel
or new home construction channels in our core markets and our
inability to collect such obligations from such customers;
- The risks that the anticipated cost savings, synergies, revenue
enhancement strategies and other benefits expected from our
acquisitions of Martin and Anlin may not be fully realized or may
take longer to realize than expected or that our actual integration
costs may exceed our estimates;
- Increases in transportation costs, including increases in fuel
prices;
- Our dependence on our limited number of geographically
concentrated manufacturing facilities, which increased further due
to our acquisition of Eco;
- Sales fluctuations to and changes in our relationships with key
customers;
- Federal, state and local laws and regulations, including
unfavorable changes in local building codes and environmental and
energy code regulations;
- Risks associated with our information technology systems,
including cybersecurity-related risks, such as unauthorized
intrusions into our systems by “hackers” and theft of data and
information from our systems, and the risks that our information
technology systems do not function as intended or experience
temporary or long-term failures to perform as intended;
- Product liability and warranty claims brought against us;
- In addition to our acquisitions of Martin and Anlin, our
ability to successfully integrate businesses we may acquire in the
future, or that any business we acquire may not perform as we
expected when we acquired it; and
- The other risks and uncertainties discussed under “Risk
Factors” in Part I, Item 1A of our Annual Report on Form 10-K for
the year ended December 31, 2022, and our other filings with the
Securities and Exchange Commission.
Any forward-looking statement made by us in this press release
is based only on information currently available to us and speaks
only as of the date on which it is made. We undertake no obligation
to publicly update any forward-looking statement, whether written
or oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230605005670/en/
PGT Innovations Contacts Investor Relations Craig
Henderson, Interim CFO and V.P. Corporate Finance
CHenderson@PGTInnovations.com 941-480-1600
Media Relations Stephanie Cz, Corporate Marketing Manager
SCz@PGTInnovations.com 941-480-1600
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