The transaction, valued at approximately $2 million with an additional $2 million potential in 2 years, should certain conditions be met, is consistent with PGTI's plan to grow strategically.
The transaction closed on August 31, 2016 and is not expected to have any material impact on top line sales or bottom line results in 2016. Additional information about this transaction will be provided during PGTI's third quarter earning's call.
"USI has done a great job of serving the PGT customers for almost four years while fabricating our existing PGT Storefront commercial products," commented Brad West, PGTI Chief Financial Officer.
"As we position ourselves for growth in the commercial market, this acquisition is a way to further develop our in-house commercial capabilities and control costs in the future. I extend a warm welcome to the USI team as they join the PGTI family."