Fortune Brands to sell window business for $130M
NEW YORK (AP) — Fortune Brands Home & Security Inc. said Wednesday that it has agreed to sell its Simonton Windows business to building products maker Ply Gem Holdings Inc. for about $130 million.
The deal is expected to close in October.
Fortune Brands, which makes Master Lock padlocks, Kemper kitchen cabinets and Moen water faucets, said it is selling its window business to focus on its Therma-Tru door business and Fypon home trim business.
The company expects the sale of Simonton to cut its earnings per share during the second half of 2014 between 2 cents and 4 cents.
Ply Gem, which is based in Cary, North Carolina, said it is buying Simonton to help it grow its windows division and plans to operate the company as a stand-alone business.
Simonton is based in Columbus, Ohio and also has manufacturing facilities in West Virginia, Illinois and California.