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Georgia Gulf Aquires Crane Siding Division
6 years, 5 months ago Posted in: Industry News 0

Crane deal continues Ga. Gulf’s acquisition strategy

Georgia Gulf Announces Acquisition of Exterior Portfolio

ATLANTA, Feb 09, 2011 (BUSINESS WIRE) — Georgia Gulf Corporation (NYSE: GGC) today announced that it has acquired Exterior Portfolio by Crane from the Crane Group. Exterior Portfolio, headquartered in Columbus, Ohio, is a leading U.S. manufacturer and marketer of siding products with 2010 revenues of approximately $100 million and adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of approximately $10.5 million. Exterior Portfolio markets siding and related accessories under the CraneBoard(R), Portsmouth Shake(R), Solid CoRe Siding(R) and Architectural Essentials(TM) brand names.

Exterior Portfolio sided home via www.exteriorportfolio.com

“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 chief executive officer of Georgia Gulf. “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 acquired Exterior Portfolio free of debt for a total net consideration of approximately $72 million.

“This acquisition supports our growth strategy by providing us with a larger presence in the United States and additional product offerings in the premium siding category, as well as a new customer for the Company’s chemicals businesses,” said Mark Orcutt, executive vice president of Building Products, Georgia Gulf. “We are pleased to welcome Exterior Portfolio’s employees to the Georgia Gulf and Royal Building Products family.”

As of Dec. 31, 2010, Georgia Gulf had approximately $122 million of cash on hand and approximately $265 million available under its asset backed loan agreement (ABL). As disclosed Jan. 14, 2011, Georgia Gulf amended its ABL to remove a $15 million availability block, increasing availability to approximately $280 million.

About Georgia Gulf
Georgia Gulf Corporation is a leading integrated North American manufacturer of two chemical lines, chlorovinyls and aromatics, and manufactures vinyl-based building and home improvement products. The Company’s vinyl-based building and home improvement products, marketed under Royal Group brands, include window and door profiles, mouldings, siding, pipe and pipe fittings, and deck, fence and rail products. Georgia Gulf, headquartered in Atlanta, Georgia, has manufacturing facilities located throughout North America to provide industry-leading service to customers. For more information, visit www.ggc.com.

About The Crane Group
The Crane Group is a holding company of operating units primarily in the manufacturing and distribution of building products. Products including wood composite decking and railing, exterior cladding products, vinyl fencing, OEM PVC profiles, wood doors and door-frames, and vinyl sheet piling. The group also has several service units in the roofing, security gate systems, and steel I-beam markets. While the holding company resides in Columbus, Ohio, the units operate in various locations including: Columbus, Wilmington, and Mason, Ohio, Atlanta, Georgia, and many other locations.  Founded by Robert S. Crane Sr. in 1947, the company has remained a private, family operated business, with Tanny B. Crane as CEO. The company employs over 1300, mostly in Ohio. The company has strong links to The Ohio State University, Boards of Ohio companies, and philanthropy in Ohio.  For more information, visit www.cranegroup.com

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