Corp. to Purchase Silver Line Building Products
Andersen Corp. has announced that it has signed a definitive agreement
to purchase Silver Line Building Products Corp., a 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 (CEO) at Andersen Corp., a national 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, chairperson and CEO 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 its strategic plan become a reality. Their team has
an excellent growth strategy that fits very well with our enterprise
objectives," said Humphrey.