Georgia Gulf buys Crane’s siding business for $US72 million
Georgia Gulf Corporation has acquired the Exterior Portfolio siding business of plastics processor Crane Group.
Atlanta, Ga.-based Georgia Gulf said it would pay approximately US$72 million for the business, which did US$100 million in revenue last year.
According to Columbus, Ohio-based Crane, Georgia Gulf will add the business to its Royal Group product line of building materials. Exterior Portfolio will keep its Columbus plant and 260 employees, and it will continue to be headed by president Jim Ziminski.
“Exterior Portfolio is a recognized leader in the premium insulated siding category with a strong national network of distribution partners in the United States. This acquisition is a strong fit with our Royal Building Products business, and the combination will create the third-largest vinyl siding manufacturer in North America,” said Paul Carrico, president and CEO of Georgia Gulf, in a news release. “We expect this acquisition to be accretive in 2011, excluding one-time costs, and to fund the acquisition out of cash on hand.”
Georgia Gulf makes household ggods in addition to a chemical manufacturing business. It reported net income of US$131.1 million on US$1.99 billion in revenue in 2009.