Cornerstone Building Brands, Inc. (NYSE: CNR), the largest manufacturer of exterior building products for residential and low-rise non-residential buildings in North America, announced August 9 that it completed the previously announced sale of its Insulated Metal Panels (“IMP”) business to Nucor Insulated Panel Group, Inc. and certain of its subsidiaries (collectively, “Nucor”) in a cash transaction for $1 billion, subject to customary adjustments. Cornerstone expects post-tax transaction proceeds to be used to pay down a portion of its secured credit facilities, invest in organic growth and efficiency projects, and strategic acquisitions.
The company reported in the announcement that the transaction positions it for further growth “in large, deep markets” and strengthens its financial flexibility.
Headquartered in Cary, North Carolina, Cornerstone Building Brands [www.cornerstonebuildingbrands.com] serves residential and commercial customers across the new construction and repair and remodel markets. The company’s portfolio of products spans vinyl windows, vinyl siding, stone veneer, metal roofing, metal wall systems and accessories.