PGT Innovations sells door glass processing assets for $28M
PGT Innovations announced that it has sold to Cardinal Glass Industries assets that PGT has used in processing glass components for doors for a purchase price of $28M, and entered into a seven-year supply agreement for Cardinal to supply those components to PGTI. Cardinal has been a key supplier for PGTI for many years and is an industry-leading manufacturer of residential glass for windows and doors, employing over 6,000 employees with 37 locations around the United States, including one in Ocala, Florida. PGTI will retain and continue to use certain strategic assets such as its window glass processing equipment, its state of the art TPS system and all production facilities, including the glass plant where the equipment sold to Cardinal has been located, which will allow the Company to expand its window and door assembly operations to meet increasing demand. In addition, the Company plans to reallocate approximately 160 employees into its window and door assembly operations and other areas, which should help the Company alleviate employment constraints it has experienced periodically due to a tight labor market in the Venice area.