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Cornerstone (CNR) Cascade Windows Buyout Aids Residential Line
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Cornerstone Building Brands, Inc. has acquired Cascade Windows, thereby strengthening its presence in residential new construction, and repair and remodel markets. The all-cash transaction is valued at $245 million, subject to customary adjustments.
Based in Spokane Valley, WA, Cascade is a leading independent manufacturer of energy-efficient vinyl windows and doors, and has six manufacturing and three distribution locations across the West and Pacific Northwest. It serves the residential, and repair and remodel markets.
In sync with this, chairman and chief executive officer of Cornerstone, James S. Metcalf said, “With Cascade, we have expanded our manufacturing presence across the rapidly growing west coast region and enhanced our tailored solutions offering for our customers.”
Inorganic Drive
The company has been actively involved in acquisitions and divestiture to drive growth. On Apr 30, 2021, it acquired Prime Windows LLC that serves residential new construction, and repair and remodel markets with energy efficient vinyl window and door products from two manufacturing facilities in the United States. This buyout has expanded Cornerstone Building’s manufacturing capabilities in the Western United States.
Owing to the company’s continuous efforts to optimize portfolio, it now expects third-quarter net sales between $1,385 million and $1,435 million, indicating growth from $1,227 million reported a year ago.
Apart from accretive buyouts, the company has been divesting assets in an attempt to fuel high-growth, high-profitability businesses. Recently, Cornerstone divested the Roll-up Sheet Door business, DBCI, to Janus International Group, Inc. (JBI - Free Report) , thereby optimizing its portfolio for further growth in large, deep markets. The all-cash transaction is valued at $168 million. It has been focusing on unlocking values by monetizing strong assets at an attractive multiple and optimizing portfolio for sustainable growth.
Also, it has completed the Insulated Metal Panels business divestiture to Nucor Insulated Panel Group Inc. in a cash transaction worth $1 billion.
Image Source: Zacks Investment Research
Shares of this Zacks Rank #1 (Strong Buy) manufacturer of exterior building products have gained 64.6% year to date, outperforming the Zacks Building Products - Concrete and Aggregates industry’s 34.5% rally. The company, which shares space with Eagle Materials Inc. (EXP - Free Report) and Martin Marietta Materials, Inc. (MLM - Free Report) in the same industry, has been benefiting from higher sales growth and strong performance across all business segments backed by solid residential demand and price actions that offset inflationary pressures. You can see the complete list of today’s Zacks #1 Rank stocks here.
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Cornerstone (CNR) Cascade Windows Buyout Aids Residential Line
Cornerstone Building Brands, Inc. has acquired Cascade Windows, thereby strengthening its presence in residential new construction, and repair and remodel markets. The all-cash transaction is valued at $245 million, subject to customary adjustments.
Based in Spokane Valley, WA, Cascade is a leading independent manufacturer of energy-efficient vinyl windows and doors, and has six manufacturing and three distribution locations across the West and Pacific Northwest. It serves the residential, and repair and remodel markets.
In sync with this, chairman and chief executive officer of Cornerstone, James S. Metcalf said, “With Cascade, we have expanded our manufacturing presence across the rapidly growing west coast region and enhanced our tailored solutions offering for our customers.”
Inorganic Drive
The company has been actively involved in acquisitions and divestiture to drive growth. On Apr 30, 2021, it acquired Prime Windows LLC that serves residential new construction, and repair and remodel markets with energy efficient vinyl window and door products from two manufacturing facilities in the United States. This buyout has expanded Cornerstone Building’s manufacturing capabilities in the Western United States.
Owing to the company’s continuous efforts to optimize portfolio, it now expects third-quarter net sales between $1,385 million and $1,435 million, indicating growth from $1,227 million reported a year ago.
Apart from accretive buyouts, the company has been divesting assets in an attempt to fuel high-growth, high-profitability businesses. Recently, Cornerstone divested the Roll-up Sheet Door business, DBCI, to Janus International Group, Inc. (JBI - Free Report) , thereby optimizing its portfolio for further growth in large, deep markets. The all-cash transaction is valued at $168 million. It has been focusing on unlocking values by monetizing strong assets at an attractive multiple and optimizing portfolio for sustainable growth.
Also, it has completed the Insulated Metal Panels business divestiture to Nucor Insulated Panel Group Inc. in a cash transaction worth $1 billion.
Image Source: Zacks Investment Research
Shares of this Zacks Rank #1 (Strong Buy) manufacturer of exterior building products have gained 64.6% year to date, outperforming the Zacks Building Products - Concrete and Aggregates industry’s 34.5% rally. The company, which shares space with Eagle Materials Inc. (EXP - Free Report) and Martin Marietta Materials, Inc. (MLM - Free Report) in the same industry, has been benefiting from higher sales growth and strong performance across all business segments backed by solid residential demand and price actions that offset inflationary pressures. You can see the complete list of today’s Zacks #1 Rank stocks here.