PGT Innovations to Consolidate Florida Manufacturing Facilities

PGT Innovations, Inc. (“PGT Innovations” & the “Company”), a national leader in the premium window and door category, announced plans to consolidate its Florida manufacturing facilities to optimize operations and reduce fixed costs. The Company expects to cease production at its Orlando facility in June 2020, where its WinDoor® and Eze-Breeze® products are assembled, and plans to relocate the manufacturing of those products to the Company’s Venice and Tampa, Florida plants, respectively.

“Consolidation of our Florida facilities is an important step in our integration plans following the acquisition of NewSouth Window Solutions that we expect to improve our overall operations, strengthen our business and reduce costs,” said Jeff Jackson, President and Chief Executive Officer of PGT Innovations. “Once completed, we anticipate this consolidation will reduce our annualized operating expense by $3.5 to $3.8 million.”

“We recognize this can be a difficult time for affected employees. This decision was made after careful consideration, and we are committed to assisting our employees through this transition,” added Jackson.

In connection with this announcement, the Company currently expects to record pre-tax special item charges in the range of approximately $4.2 million to $4.6 million. Approximately $3.0 million to $3.4 million of the charges are expected to be paid in cash and are primarily attributable to separation and retention-until-closure payments for employees, rent on the Orlando facility, and equipment relocation expenses.

Non-cash charges of approximately $1.2 million are related to certain product rationalization initiatives. Most of the pre-tax special item charges are expected to be recorded in 2020 and most of the cash outflows are expected to occur in 2020.

About PGT Innovations, Inc.

PGT Innovations manufactures and supplies premium windows and doors. Its highly-engineered and technically-advanced products can withstand some of the toughest weather conditions on earth and unify indoor/outdoor living spaces. PGT Innovations creates value through deep customer relationships, understanding the unstated needs of the markets it serves and a drive to develop category-defining products. PGT Innovations is also the nation’s largest manufacturer of impact-resistant windows and doors, holds the leadership position in its primary markets, and is part of the S&P SmallCap 400 Index. The PGT Innovations’ family of brands include PGT® Custom Windows & Doors, CGI®, WinDoor®, Western Window Systems®, NewSouth Window Solutions®, CGI Commercial® and Eze-Breeze®. The Company’s brands, in their respective markets, are a preferred choice of architects, builders, and homeowners in North America and the Caribbean. The Company’s high-quality products are available in custom and standard sizes with multiple dimensions that allow for greater design possibilities in residential, multi-family, and commercial projects. For additional information, visit www.pgtinnovations.com.

Contact:

Sherri Baker – Senior Vice President & CFO – sbaker@pgtinnovations.com – (941) 480-1600

Source: PGT Innovations, Inc.