Cornerstone Building Brands to Acquire Mueller Supply Company and Meaningfully Strengthen Its Position in Residential Metal Roofing
2024年7月2日 - 12:00AM
ビジネスワイヤ(英語)
Cornerstone Building Brands, Inc. ("Cornerstone Building
Brands"), a leading manufacturer of exterior building products in
North America, has reached an agreement to acquire Mueller Supply
Company, Inc. (“Mueller”), a leading manufacturer of residential
metal roofing and components and steel buildings in Texas and the
Southwest. Headquartered in Ballinger, Texas, where it was founded
more than 90 years ago, Mueller has approximately 900 employees and
a comprehensive regional footprint including 38 retail branches, as
well as five high-quality, strategically located manufacturing
sites in Amarillo, Ballinger and Huntsville, Texas; Oak Grove,
Louisiana; and Phoenix, Arizona.
This strategic acquisition further increases Cornerstone
Buildings Brands’ exposure to the high growth residential metal
roofing market in key geographies. It adds greater greenfield
growth capabilities, which will further accelerate the company’s
organic growth strategy.
“We have long-admired Mueller’s successful expansion strategy,
industry expertise and strong customer reputation,” said Rose Lee,
President and Chief Executive Officer of Cornerstone Building
Brands. “Mueller is a compelling, strategic complement to our
retail-direct metal roofing business and will more than double the
number of retail branches we have to serve our customers. With the
expanded manufacturing capacity we’ll have across the Southwest and
the greenfield growth opportunities, I’m confident that this will
advance Cornerstone Building Brands’ journey to be a premier
exterior building products company. I look forward to welcoming the
highly talented Mueller team and uniting the legacy expertise of
both companies.”
Cornerstone Building Brands expects the transaction to be
accretive to earnings through purchasing synergies and revenue
growth opportunities. Additionally, Cornerstone Building Brands
expects to finance the transaction with cash on hand and amounts
borrowed under its existing credit facilities. The transaction,
which is subject to customary closing conditions, is expected to
close early in the third quarter of 2024.
About Cornerstone Building Brands
Cornerstone Building Brands is a leading manufacturer of
exterior building products for residential and low-rise
non-residential buildings in North America. Headquartered in Cary,
N.C., we serve residential and commercial customers across the new
construction and Repair & Remodel (R&R) markets. Our
market-leading portfolio of products spans vinyl windows, vinyl
siding, stone veneer, metal roofing, metal wall systems and metal
accessories. Cornerstone Building Brands’ broad, multi-channel
distribution platform and expansive national footprint includes
approximately 18,000 employees at manufacturing, distribution and
office locations throughout North America. Corporate stewardship
and Environmental, Social and Governance (ESG) responsibility are
embedded in our culture. We are committed to contributing
positively to the communities where we live, work and play. For
more information, visit us at cornerstonebuildingbrands.com.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements and information in this communication may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Words such as
“believe,” “anticipate," “guidance,” “plan,” “potential,” “expect,”
“should,” “will,” “forecast,” “target” and similar expressions are
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements reflect our current expectations,
assumptions and/or beliefs concerning future events. As a result,
these forward-looking statements rely on a number of assumptions,
forecasts and estimates, and therefore, these forward-looking
statements are subject to a number of risks and uncertainties that
may cause Cornerstone Building Brands’ actual performance to differ
materially from that projected in such statements. Among the
factors that could cause actual results to differ materially
include, but are not limited to: statements concerning our ability
to satisfy the closing conditions of the transaction; our ability
to consummate the transaction on the anticipated timing, if at all;
and other risks and uncertainties. In addition to these factors, we
encourage you to review the “Risk Factors” set forth in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2023 and
other filings with the SEC, which identify important factors,
though not necessarily all such factors, that could cause future
outcomes to differ materially from those set forth in the
forward-looking statements in this communication. Cornerstone
Building Brands expressly disclaims any obligation to update these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240701301719/en/
Corporate Development: Will Price, Vice President,
Corporate Development & Integration response@cornerstone-bb.com
Investor Relations: Mohsin Syed, Vice President, Corporate
Finance & Investor Relations response@cornerstone-bb.com
Media Relations: Gia Oei, Vice President, Corporate
Communications & Culture response@cornerstone-bb.com