The AZEK Company Inc. (NYSE: AZEK) ("AZEK" or the “Company”),
the industry-leading manufacturer of beautiful, low-maintenance and
environmentally sustainable outdoor living products, including
TimberTech® decking and railing, Versatex® and AZEK® Trim, and
StruXure™ pergolas, has entered into a definitive agreement to sell
its Vycom business, a division of its Commercial segment, to
Ohio-based Plaskolite, LLC, a global leader in the manufacturing of
engineering thermoplastics.
Jesse Singh, AZEK’s CEO, said, “Since Vycom’s founding in 1983,
our Vycom team members have created a thriving manufacturer of
market-leading brands of innovative plastic solutions used across a
variety of commercial, industrial and non-residential end markets.
The complementary cultural fit of Plaskolite, combined with its
commitment to cultivating long-lasting customer relationships and
its reputation for providing the highest quality products in the
industry, will both support a smooth transition and elevate Vycom’s
business to the next level. We thank the entire Vycom team for
their hard work and celebrate their commitment to continuing to
deliver sustainable innovative plastic sheet solutions to their
customers.”
John Szlag, Co-President at Plaskolite, said, "We are excited to
welcome Vycom into the Plaskolite family. This acquisition allows
us to better serve our customers by offering a broader range of
thermoplastic solutions. Vycom's expertise in engineered products
along with their commitments to both manufacturing safety and
sustainability perfectly complements Plaskolite's core values."
Mr. Singh continued, “This transaction helps simplify our
portfolio and further focuses AZEK on our strategic higher growth
and margin opportunities in the repair and remodel and outdoor
living markets associated with our Residential segment, including
our Deck, Rail and Accessories and Exteriors businesses. AZEK’s
balance sheet strength, low leverage and strong cash flow
generation provides the financial flexibility to pursue this
strategic disposition.”
The sale of Vycom is expected to close on November 1, 2023.
Additional information regarding the transaction will be
discussed during AZEK’s fiscal fourth quarter earnings call in late
November 2023.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical facts contained in this press
release, including statements regarding future operations are
forward-looking statements. In some cases, forward looking
statements may be identified by words such as "believe," "may,"
"will," "estimate," "continue," "anticipate," "intend," "could,"
"would," "expect," "objective," "plan," "potential," "seek,"
"grow," "target," "if," or the negative of these terms and similar
expressions intended to identify forward-looking statements. Unless
specifically provided herein, no financial information for fiscal
years 2023 and 2024, including operating results or otherwise,
should be inferred or extrapolated from the forward-looking
statements provided in this press release. Other forward-looking
statements may include, without limitation, statements with respect
to use of proceeds from strategic divestitures; statements with
respect to our ability to meet the future targets and goals we
establish and the ultimate impact of our actions on our business;
statements about our future expansion plans, capital investments,
capacity targets and other future strategic initiatives; statements
about any stock repurchase plans; statements about the markets in
which we operate; and all other statements with respect to our
expectations, beliefs, plans, strategies, objectives, prospects,
assumptions or future events or performance contained in this
release are forward-looking statements. We base our forward-looking
statements on information available to us on the date of this
release, and undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of changed
circumstances, new information, future events or otherwise, except
as may otherwise be required by law. Actual future events could
also differ materially due to numerous factors that involve
substantial known and unknown risks and uncertainties including,
among other things, the risks and uncertainties set forth under
"Risk Factors" and elsewhere in our reports on Form 10-K and Form
10-Q and the other risks and uncertainties discussed in any
subsequent reports that we file with the Securities and Exchange
Commission from time to time. Although we have attempted to
identify those material factors that could cause actual results or
events to differ from those described in such forward-looking
statements, there may be other factors that could cause actual
results or events to differ from those anticipated, estimated or
intended. Given these uncertainties, investors are cautioned not to
place undue reliance on our forward-looking statements.
About The AZEK® Company
The AZEK Company Inc. (NYSE: AZEK) is the industry-leading
designer and manufacturer of beautiful, low maintenance and
environmentally sustainable outdoor living products, including
TimberTech® decking and railing, Versatex® and AZEK Trim® and
StruXure™ pergolas. Consistently recognized as a market leader in
innovation, quality and aesthetics, products across AZEK’s
portfolio are made from up to approximately 90% recycled material
and primarily replace wood on the outside of homes, providing a
long-lasting, eco-friendly and stylish solution to consumers.
Leveraging the talents of its approximately 2,000 employees and the
strength of relationships across its value chain, The AZEK Company
is committed to accelerating the use of recycled material in the
manufacturing of its innovative products, keeping millions of
pounds of waste out of landfills each year, and revolutionizing the
industry to create a more sustainable future. The AZEK Company has
recently been named one of America’s Climate Leaders by USA Today,
a Top Workplace by the Chicago Tribune and a winner of the 2023
Real Leaders® Impact Awards. Headquartered in Chicago, Illinois,
the company operates manufacturing and recycling facilities in
Ohio, Pennsylvania, Idaho, Georgia, Nevada, New Jersey, Michigan
and Minnesota. For additional information, please visit
azekco.com.
About Plaskolite, LLC
Founded in 1950 in Columbus, Ohio, by Donald G. Dunn and family,
Plaskolite, LLC is a global leader in the manufacturing of
engineering thermoplastics, including Acrylic, Polycarbonate, ABS
and PETG Sheet, Lighting Profiles and PMMA Polymers. Plaskolite is
owned by Pritzker Private Capital along with the Dunn family,
management and other co-investors. Plaskolite’s customized products
are used in a wide variety of applications, including windows,
doors, lighting, signs, point-of-purchase displays, transportation,
security and bath products. Plaskolite serves a diverse customer
base including distributors, OEMs and retailers. For more
information, please visit plaskolite.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231010904011/en/
AZEK Investor Relations Contact: Eric Robinson
312-809-1093 ir@azekco.com
AZEK Media Contact: Amanda Cimaglia 312-809-1093
media@azekco.com
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