PGTI Sells Assets to Cardinal

Window & Door
October 2, 2017
Companies

Venice-based window and door manufacturer PGT Innovations Inc. sold assets it used in processing glass components for doors for $28 million to Cardinal Glass Industries.The company also entered into a seven-year supply agreement for Cardinal to supply those components to PGTI. 

“This enhanced partnership is a strong strategic fit, leveraging the two companies’ respective strengths,” says Jeff Jackson, president of PGT Innovations. “Cardinal has been a loyal, long-term partner for us with a consistent track record of reliably delivering high-quality products. Better leveraging their industry-leading capabilities is a sound business decision as we prepare to meet the increasing demand for impact-resistant products expected in 2018 and beyond.”

PGTI will retain and continue to use certain strategic assets such as its window glass processing equipment, its TPS system and all production facilities, including the glass plant where the equipment sold to Cardinal had been located. PGTI says this will allow the company to expand its window and door assembly operations to meet increasing demand.

In addition, the company plans to reallocate approximately 160 employees into its window and door assembly operations and other areas, to help alleviate employment constraints it has experienced periodically due to a tight labor market in the Venice area.