PGT Innovations Announces Expansion Plans in Miami
Facility Needed to Meet Growing Demand
Venice, FL – April 20th, 2017 – PGT Innovations, Inc. announced today expansion plans for a new 330,000 sq. ft. manufacturing facility in Miami, Florida. The new facility will enhance the Company’s manufacturing capabilities to meet future expected growth of the impact-resistant window and door market.
The Company currently has 182,000 sq. ft. of offices and manufacturing space in Miami. The CGI brand will move its offices and manufacturing facility into the new space which is located approximately 12 miles from their current location. The new facility is designed to produce the Company’s CGI branded products, along with various other commercial and PGT aluminum products.
“This new facility demonstrates our commitment to make our products in America and to serve our core market of Florida which continues to be a positive environment for the growth of our Company,” commented Jeff Jackson, President, PGT Innovations. “This move also increases our manufacturing capabilities and enhances operational efficiencies by combining parts of our production, distribution and marketing efforts across all of our brands. We believe this further enables our ability to grow and evolve to better meet our customer’s needs, allowing us to provide exceptional value along the way.”
The new building space will accommodate a multi-brand showroom, offices, production, and distribution. The new space is slated to be complete near the end of 2017 and is expected to be operational by January 2018
Jackson continues, “We were fortunate to find such a great space so close to our current Miami facility. We really wanted to limit the impact that relocation could have on our customers and our employees. I don’t think we could have found a better location for our team and look forward to becoming an integral part of this community.”
About PGT Innovations
PGT Innovations, headquartered in North Venice, Florida with over 2700 employees statewide, creates value through deep customer relationships, understanding the unstated needs of an industry, a drive to create the strongest, safest products on the market, and a commitment to always moving forward. The Company’s trusted brands include CGI®, PGT Custom Windows & Doors®, and WinDoor®. PGT Innovations is the nation’s largest manufacturer of impact-resistant windows and doors, holds the leadership position in its primary market, and is part of the S&P SmallCap 400 Index. For additional information, visit www.pgtinnovations.com.
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This press release may contain statements that constitute “forward-looking statements” as defined under federal securities laws of the United States. Generally, words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which are not historical in nature. These forward looking statements relate to, among other things: (i) the impact that our name change will have on the Company’s profile, brand and performance; (ii) the impact the listing of our common stock on the NYSE will have on the Company’s profile, brand, and performance; and (iii) the outcome of these and other changes the Company is making to expand its growth opportunities and increase shareholder value. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. These risks include, but are not limited to:
- Changes in new home starts and home remodeling trends
- The economy in the United States generally and in Florida, in particular, where the substantial portion of our sales are generated
- Raw material prices, especially aluminum and vinyl
- Transportation costs
- Our level of indebtedness
- Our dependence on our impact-resistant product lines
- Our ability to successfully integrate acquisitions, such as our acquisitions of CGI® Windows & Doors Holdings, Inc. and WinDoor®, Inc.
- Product liability and warranty claims
- Federal and state regulations,
- Our dependence on our manufacturing facilities; and
- Other risks discussed in our Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended January 2, 2016 and our subsequently filed quarterly reports on Form 10-Q, which are available from the SEC.
You should not place undue reliance on forward looking statements, which speak only as of the date they are made. The Company does not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances.