The following is a press release that was recently sent to me:
Andersen to Purchase Silver Line Building Products
BAYPORT, Minn. (May 24, 2006) - Andersen Corporation announced today that it has signed a definitive agreement to purchase Silver Line Building Products Corporation, the leading manufacturer of vinyl windows and patio doors in North America. Founded in 1947, Silver Line is a privately-owned company based in New Jersey, with additional facilities in Massachusetts, North Carolina, Georgia, Ohio, Texas and Illinois.
"We are very excited about this opportunity to expand our business into new market segments, especially via the leading vinyl window manufacturer, " said Jim Humphrey, president and chief executive officer at Andersen Corporation, the nation's leading manufacturer of wood windows and doors. "Vinyl windows serve a segment of the market that is growing rapidly. Adding this product line to the enterprise's portfolio will enable an Andersen company to provide windows and doors for virtually any new construction or home improvement project in any area
of the country."
"This agreement marks an exciting milestone in the evolution of Silver Line. The resources that will be available to us as part of the Andersen enterprise will position us to meet our growth targets for the future," said Kenneth Silverman, chairman and chief executive officer of Silver Line. "After running a family-owned business for 59 years, we are proud to join another organization with a similar culture and rich
history of success and caring."
The purchase by Andersen is contingent on the successful completion of a due diligence process and regulatory approval. Terms were not disclosed.
A tentative closing date is set for June 30. Andersen plans to operate this business as a standalone subsidiary, with Ken Silverman leading his current management team.
"We are very excited about working with Silver Line's leadership team to see their strategic plan become a reality. They have an excellent growth strategy that fits very well with our enterprise objectives," said Humphrey.
Andersen Corporation, the world's largest manufacturer of wood windows, patio doors and storm doors, celebrated its 100th anniversary in 2003.
The company is privately owned and has a strong history of commitment to its business partners, employees, community and environmental stewardship. Andersen markets products throughout North America and in South America, Europe, Asia and the Middle East.