April 11, 2019 Updated 4/11/2019
NCI Building Systems, Inc. and Ply Gem Parent LLC, which merged last year to became the largest manufacturer of exterior building products in North America, will soon operate as Cornerstone Building Brands.
The new company name was announced April 11 with plans to trade on the New York Stock Exchange under the ticker symbol “CNR” beginning May 24.
The name was selected because a cornerstone is the foundation upon which something greater is built, according to officials of the Cary, N.C.-based company, which manufactures products for constructing and remodeling homes, schools, churches, hospitals and government buildings.
“We are dedicated to our customers and well positioned to lead the residential and commercial markets as Cornerstone Building Brands, and to make positive contributions to the places where people live, work and play,” James S. Metcalf, chairman of the board and CEO, said in a news release.
Cornerstone’s product portfolio consists of windows, vinyl siding, insulated metal panels, metal roofing and wall systems and metal accessories. The company has more than 21,000 employees at manufacturing, distribution and office sites throughout North America.
Products will continue going to market through their existing brand names.
The company also will continue participating in community-focused programs, such as Home for Good, which has helped build and remodel more than 500 homes in 90 U.S. communities since 2016.
In addition, the company will still offer an assistance program for its employees dealing with natural disasters or unforeseen personal hardship.
The changes to the company’s name and ticker symbol are expected to take effect following approval at the annual meeting of shareholders scheduled for May 23.
NCI bought Ply Gem in an all-stock deal in July 2018. NCI issued 58.7 million shares to Ply Gem, which was worth $1.2 billion based on the market closing value on July 17. NCI owns 53 percent of the new company while Ply Gem shareholders own the remaining 47 percent.
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