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PGEM > SEC Filings for PGEM > Form 8-K on 4-Oct-2013All Recent SEC Filings

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Form 8-K for PLY GEM HOLDINGS INC


4-Oct-2013

Costs Associated with Exit or Disposal Activities


ITEM 2.05 COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES

On September 30, 2013, Ply Gem Industries, Inc. (the "Company"), a wholly-owned subsidiary of Ply Gem Holdings, Inc. ("Ply Gem Holdings"), announced that it will realign production across two manufacturing facilities in Calgary, Alberta, Canada, which will improve the Company's overall operating efficiency. The two manufacturing facilities resulted from the Company's acquisition of Gienow Canada Inc. ("Gienow"), completed in April 2013, combined with the pre-existing manufacturing facility of Ply Gem Canada, Inc. ("Ply Gem Canada"). These realignment plans include shifting the majority of the vinyl window and door production into Gienow's manufacturing facility in Calgary, Alberta, Canada, while maintaining wood window and door production in the Ply Gem Canada's manufacturing facility also located in Calgary, Alberta, Canada. In connection with this realignment, distribution will also be realigned across Gienow and Ply Gem Canada distribution centers in Western Canada.

Consistent with the Company's acquisition and integration plans, management expects that these realignments will reduce costs and increase operating efficiencies. Production will begin to be realigned during October 2013, with the majority expected to be completed by March 2014. In connection with these plans, the Company expects to incur pre-tax exit and restructuring cash and non-cash costs together of approximately $4.3 million, which includes lease and contract termination costs, personnel-related costs and other facilities-related costs.

As a result of this realignment, combined with other expected synergies associated with the Gienow acquisition, the Company expects to realize estimated annual cost savings and synergies ranging from $5.0 million to $10.0 million beginning in 2014.

Certain statements made herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. Additional information regarding these factors is contained in Ply Gem Holdings' filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K.


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