PGT Innovations Announces $11M+ Grant of Equity to More Than 5,000 Team Members
31 Agosto 2023 - 8:30AM
Business Wire
PGT Innovations, Inc. (NYSE: PGTI), a national leader in the
premium window, door, and garage door industry, recently announced
a grant of equity to all eligible PGT Innovations team members
based on each employee’s tenure.
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the full release here:
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Jeff Jackson (Photo: Business Wire)
“PGT Innovations has experienced significant growth over the
past four years, and we are committed to the strategy of expanding
our family of brands and transforming manufacturing operations,”
said Jeff Jackson, President and CEO of PGT Innovations. “Our team
members are at the heart of us achieving our strong results and
empowering them as shareholders provides the opportunity for them
to directly share in the results of their dedication toward driving
our company’s incredible performance. We have twice the number of
folks on our team since the last employee stock grant in 2018, and
we believe this shows how much they are appreciated and valued and
that they are a part of something special here at PGT
Innovations.”
On or about September 1, 2023, team members who have worked at
PGT Innovations for at least one year, but less than two, will
receive 50 shares of restricted stock; team members with two years
of service, but less than five, will receive 75 shares of
restricted stock; and team members with five or more years of
service will receive 100 shares of restricted stock. Current team
members with less than one year of service will receive their grant
of restricted stock on or about the first anniversary of the
September 2023 grant. Eligible team members include those who are
not already participants in the company’s long-term incentive
plan.
All grants cliff vest on the three-year anniversary of the grant
date, subject to the team member’s continued employment with PGT
Innovations through the vesting date and the terms and conditions
of our 2019 Equity and Incentive Compensation Plan documents. The
grant will require about 395,000 shares of restricted stock, which,
at the current price, equals approximately $11 million in
value.
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 strategy and manufacturing operations.
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 Enterprises, LLC ("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/20230831237081/en/
PGT Innovations Contact Media Relations Stephanie Cz,
Corporate Marketing Manager SCz@PGTInnovations.com 941-480-1600
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