The sale of the principle assets of GBO INC.’s PVC window division and its steel door division Ontario-based manufacturer Farley WinDoor Ltd. closed this week (CLICK HERE for related story).The cash considération of the transaction totals $12.5 million, payable as follows: (i) $0.5 million non-refundable deposit which was paid on May 29, 2009; (ii) $11 million which was paid at closing; and (iii) $1 million payable upon the 12-month anniversary of the closing, which shall bear interest, according to a statement issued by GBO. GBO officials say they invested the proceeds of the transaction in its working capital and will use a significant portion of the proceeds to pay down its current debt.

GBO officials say they will now concentrate on the wood door and window business.