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A private equity firm that already owns 49 percent of common stock will buy the remaining shares of North America's largest exterior building products manufacturer.
Shares of
Cornerstone Building Brands (NYSE:CNR) jumped more than 10% on Thursday morning on a Wall Street analyst upgrade. Demand for housing is strong right now, and Cornerstone is benefiting.
So what
On Tuesday evening, Cornerstone delivered better-than-expected first-quarter results, earning $0.03 per share on revenue of $1.27 billion when a $0.06-per-share loss on $1.2 billion was expected. Net sales and adjusted earnings both hit record highs thanks to strong residential end-market demand for the company s windows, siding, and other exterior building products.
Image source: Getty Images.
Despite the good quarter, the stock traded down on Wednesday, perhaps caught up in a broader market sell-off. But Thursday morning is a different story for both the market averages and Cornerstone shares specifically.
Cornerstone Building Brands acquires Prime Window Systems
Prime Window manufactures vinyl window and door products for the residential new construction and repair and remodel markets. May 13, 2021 Canadian Plastics
In a move aimed at expanding its vinyl windows business, exterior building products maker Cornerstone Building Brands Inc. has acquired Prime Window Systems LLC for an undisclosed amount.
Headquartered in Denver, Colo., Prime Window manufactures vinyl window and door products for the residential new construction and repair and remodel markets. The firm has approximately 300 employees at manufacturing locations in Colorado and Washington.
“The acquisition of Prime Window advances our strategy towards profitable growth and operational excellence,” said James S. Metcalf, Cornerstone’s chairman and CEO. “We are joining forces with a well-recognized business and an established customer base that will strengthen our multi-channel offerin
Cornerstone adds vinyl window production through acquisition
Prime Window Systems LLC
Prime Window Systems LLC serves residential new construction and repair and remodel markets with energy efficient vinyl window and door products from two manufacturing facilities in Denver and Union Gap, Wash.
Cary, N.C.-based Cornerstone Building Brands Inc. acquired Prime Window Systems LLC to expand manufacturing capacity and create new sales opportunities in the Western U.S.
Headquartered in Denver, Prime Window serves residential new construction and repair and remodel markets with energy efficient vinyl window and door products.The company generated 2020 sales of $60 million and has about 300 employees at manufacturing locations in Denver and Union Gap, Wash.