The application received unanimous approval by the Sarasota Board of County Commissioners, and as a result, PGT is now eligible to receive up to $300,000 in incentives.
"We are excited that the Sarasota County Commissioners approved our eligibility to receive SEED incentive funds and that we live in a county that recognized the importance of job creation and its effect on our local economy," said Jeff Jackson, president and chief operating officer, PGT.
These SEED funds are made available by the state of Florida as part of the Energy Economic Zone (EEZ) Pilot Program. The program is intended to encourage clean technology industries, help communities cultivate green economic development and promote the manufacturing of products that contribute to energy conservation and green jobs. Sarasota County is one of two communities selected to participate in the state's EEZ pilot, which makes it possible for the county to offer up to $300,000 in state incentives in any fiscal year to qualifying businesses.
The funds are performance-based and have no impact on the county's budget. However, in order to apply for SEED funding, PGT had to meet certain criteria such as having an energy performance standard of at least five percent above Florida's energy code requirements; creating at least five new full-time jobs in the clean technology or green business research/development sectors and at least 10 new full-time jobs in the green business manufacturing or industrial sectors.
According to Jackson, "In 2014, PGT hired 317 employees and so far this year we have hired another 53 employees. We are fortunate enough to be located in a community with a good source of eligible candidates."
Additionally, last November, PGT completed construction on a new $14 million glass operations plant. The 96,000 square foot facility will allow PGT to expand its current glass cutting, tempering and laminating processes and more effectively control the quality of glass being used in its products. As a result of the increased capacity, the company expects to add 220 jobs over the next five years, with over 75 percent being hired from the local area.
Also fueling the company's growth is the launch of PGT's new WinGuard® Vinyl and EnergyVue™ products. These new products will require an increase in manufacturing capacity of energy efficient glass at PGT's new facility.
"This is an exciting time for our company because we are poised for tremendous growth. Not only have we opened a new state-of-the-art manufacturing facility, but we are also unveiling the largest new product launch in our company's history," said Jackson. "We are committed to green economic development, as well as to our local community."
ABOUT PGT WINDOWS & DOORS:
PGT Windows & Doors pioneered the U. S. impact-resistant window and door industry, and today is the nation's leading manufacturer and supplier of residential impact-resistant windows & doors. Founded in 1980, the Company employs approximately 1,700 at its manufacturing, glass laminating and tempering plants in North Venice, Florida. Utilizing the latest designs and technology, PGT Windows & Doors are ideal for new construction and replacement projects serving residential, commercial, high-rise and institutional markets. The company's product lines includes PGT Aluminum & Vinyl Windows and Doors; PGT EnergyVue; PGT WinGuard; PGT PremierVue; PGT Architectural Systems; and PGT Eze-Breeze Sliding Panels. PGT Windows & Doors is a wholly owned subsidiary of PGT, Inc. (Nasdaq:PGTI). For additional information, visit pgtindustries.com.
ABOUT PGT INDUSTRIES:
PGT Industries (Nasdaq:PGTI), headquartered in Venice, Florida, creates products and services which focus on protecting and enhancing the beauty and functionality of homes and businesses. The Company's trusted brands include PGT Windows & Doors and CGI Windows & Doors. PGT Industries holds a solid market leadership position within its segment and is part of the S&P SmallCap 400 Index. For additional information, visit ir.pgtindustries.com.
From time to time, we have made or will make forward-looking statements within the meaning of Section 21E of the Exchange Act. These statements do not relate strictly to historical or current facts. Forward-looking statements usually can be identified by the use of words such as "goal", "objective", "plan", "expect", "anticipate", "intend", "project", "believe", "estimate", "may", "could", or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, results, circumstances or aspirations. Our disclosures in this report contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission and in oral presentations. Forward-looking statements are based on assumptions and by their nature are subject to risks and uncertainties, many of which are outside of our control. Our actual results may differ materially from those set forth in our forward-looking statements. There is no assurance that any list of risks and uncertainties or risk factors is complete. Factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to:
- Changes in new home starts and home remodeling trends
- The economy in the U.S. generally or in Florida where the substantial portion of our sales are generated
- Raw material prices, especially aluminum
- Transportation costs
- Level of indebtedness
- Dependence on our WinGuard branded product lines
- Integration of acquisition(s)
- Product liability and warranty claims
- Federal and state regulations, and
- Dependence on our manufacturing facilities
Any forward-looking statements made by us or on our behalf speak only as of the date they are made and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances. Before making any investment decision, you should carefully consider all risks and uncertainties disclosed in all our SEC filings, including our reports on Forms 8-K, 10-Q and 10-K and our registration statements under the Securities Act of 1933, as amended, all of which are accessible on the SEC's website at www.sec.gov and at http://ir.pgtindustries.com/sec.cfm.