Fortune Brands Completes Sale of Simonton WindowsSeptember 22nd, 2014 by Editor
Fortune Brands Home & Security Inc. has completed the sale of Simonton Windows to Ply Gem Holdings Inc.
The Simonton business was sold for approximately $130 million, or roughly 10 times 2014 earnings before interest, taxes, depreciation and amortization. The Simonton sale is expected to reduce Fortune Brands’ second half 2014 earnings per share from continuing operations by two to four cents.
“We believe the sale of Simonton will allow us to more sharply focus on our Therma-Tru entry door and Fypon trim business and position us to further increase operating results in 2015,” says Chris Klein, CEO, Fortune Brands.
Fortune Brands will maintain ownership of its Therma-Tru entry door business, which is focused on the fiberglass segment within the entry door category. The company expects Therma-Tru will continue to drive profitable growth with its product innovation, total door system approach and strong distribution network.