Investment firm acquires Ply Gem
Clayton, Dubilier & Rice (CD&R), a New York based investment firm, has acquired building products manufacturer Ply Gem Holdings.
Under terms of the deal, CD&R acquired all of the outstanding shares of Ply Gem common stock in a go-private transaction valued at approximately $2.4 billion. Ply Gem’s board of directors unanimously approved the agreement, which provides a payment of $21.64 per share in cash to all holders of Ply Gem common stock. The cash purchase price represents a premium of approximately 20% over Ply Gem’s closing stock price on January 30, 2018.
CD&R has also entered into an agreement to acquire Atrium Windows & Doors. The manufacturer will be combined with Ply Gem to create an exterior building products company with total revenue of more than $2.4 billion in 2017. Terms of the Atrium deal were not disclosed.
Both transactions are expected to close in the second quarter of 2018, CD&R said.
The new Ply Gem will continue to be headquartered in Cary, N.C., with Ply Gem chairman and CEO Gary Robinette continuing to serve as lead executive. John Krenicki, a CD&R operating partner and former vice chairman of General Electric Company, will become lead director of the Ply Gem board, CD&R said.
For its third quarter 2017, Ply Gem reported net sales increased 6.5% to $564.7 million. The company also reported a net income of $27.5 million.
Ply Gem’s product lines include windows and patio doors, vinyl and aluminum siding and accessories, designer accents, cellular PVC trim and mouldings, vinyl fencing and railing, stone veneer, roofing, and gutterware products, used in both new construction and home repair and remodeling.
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Lowe’s Canada to hire 7,000 associates
With its busiest season drawing nearer, Lowe’s Canada said it plans to recruit and hire more than 7,000 employees.
Positions include full-time, part-time, and seasonal positions, which will be added to Lowe’s Canada’s current workforce of more than 25,000 employees.
The move will include the company’s first-ever “National Hiring Day” on Feb. 24. The event will take place at Lowe’s, RONA, or Réno-Dépôt corporate store across Canada. Lowe’s said management will be onsite to accept applications and conduct on-the-spot interviews. Candidates can also apply online at any time.
"Lowe's Canada is bigger than a business: it's a family. When you join Lowe's Canada , you enter a multi-banner company with multiple career advancement opportunities, and you become part of a supportive network of caring, inspiring team members committed to making you feel like you belong," said Marc Macdonald , Lowe’s Canada senior vp human resources. "If growing with a Canadian leader and helping people love where they live appeals to you, now is a great time to join us."
Available part-time and full-time positions include service and support managers, customer service associates, cashiers, stockers, boom truck drivers, and sales specialists. Available in-store seasonal positions include cashiers, lawn and garden associates, stockers, assemblers of outdoor products, and loaders.
Lowe's and its related businesses operate or service more than 2,370 home improvement and hardware stores and employ over 290,000 people. Based in Boucherville, Quebec, Lowe's Canadian business, together with its wholly owned subsidiary, RONA inc., operates or services more than 630 corporate and independent affiliate dealer stores in a number of complementary formats including the Lowe's, RONA, Réno-Dépôt, Marcil, Dick's Lumber, and Ace banners.
Don’t overreach, says ladder group
Missing the last step and overreaching were the two most cited issues as the cause for ladder accidents, according to a study completed by the American Ladder Institute (ALI) in 2016. Close behind were failure to use three points of contact and using the wrong ladder for the job. These cited causes of ladder accidents can be easily avoided by taking the following precautionary actions prior to using a ladder:
• Select the right type and size of ladder.
• Set up the ladder correctly.
• Inspect the ladder for damage and wear.
• Use the ladder correctly.
"Most ladder-related accidents can be easily prevented with the proper education, precautionary actions, and safer, more innovative equipment," said Ryan Moss, President of ALI and CEO of Little Giant Ladders. "The American Ladder Institute provides a number of free resources and education that can help you stay safe and get the job done in the most effective way. You can reduce injuries and fatalities! Join us this coming March for National Ladder Safety Month and make ladder safety a priority for your people."
ALI is also encouraging use of #LadderSafetyMonth on social media. Spread the message of ladder safety while showcasing your brand by becoming a sponsor – view the prospectus for information on sponsorship opportunities. National Ladder Safety Month is proudly sponsored by the International Masonry Institute and the International Union of Bricklayers and Allied and Craftworkers.
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