Azek Parent Buying TimberTech
In a deal bringing together two major brands in exterior building products, CPG International Inc. has signed a definitive agreement to acquire TimberTech, the manufacturer of composite decking, railing and accessory products. Based in Scranton, Pa., CPG is the parent company of Azek Building Products, the manufacturer of cellular PVC exterior products.
“The ultimate goal is for our Azek business and TimberTech to join forces,” says Eric K. Jungbluth, CPG CEO. “We believe this powerful combination will not only create the largest manufacturer in the trim, decking and railing market, but will also create a premier company in the industry as both entities manufacture highly engineered, outdoor living solution products that offer exceptional aesthetics, performance and longevity.”
“This was a difficult decision for our company and our family, but we think this acquisition positions the business to continue to be a leader in its product lines,” says Tanny Crane, president of the Crane Group, which currently owns TimberTech.
“This is an exciting opportunity,” Jungbluth continues. “From our perspective, Azek and TimberTech are a great fit. This represents the joining of two strong brands focused on quality and innovation. Both have solid relationships with distributor and dealer partners with the proven ability to redefine an industry.”
“We feel like we are keeping TimberTech in the family because Crane Group once held a majority interest in CPG," notes Mike Crane, president of the Crane Group Cos. "We know the company’s leaders, their values and their capabilities. They share our commitment to their employees, recognizing that their employees are their strength.”
“While Azek has led the conversion from wood exterior trim and decking to cellular PVC, TimberTech has been a strong force and pioneer in composite decking since the category began," Jungbluth concludes. "We consider this a merger of equals–a winning combination that will help advance the entire industry.”
CPG expects to finalize the acquisition of TimberTech in late September.