By: Scott Suttell
CRAIN'S CLEVELAND BUSINESS
April 16, 2014
Associated Materials Group Inc. of Cuyahoga Falls, Ohio, a manufacturer and distributor of exterior residential building products in the United States and Canada, has withdrawn its plan for an initial public offering.
Last July, the company, which is owned by buyout firm Hellman & Friedman LLC, filed with the U.S. Securities and Exchange Commission for an IPO of up to $100 million.
But in a filing with the SEC on Tuesday, April 15, Associated Materials said, “A determination has been made not to proceed with the initial public offering.”
Associated Materials did not say why it was pulling the planned IPO.
The Wall Street Journal reported that on the same day Associated Materials withdrew its IPO, three other companies priced their initial public offerings below the expected price range. Those snags “are the latest sign of how soft investor demand is roiling a once-hot part of the market, amid a pullback in technology shares and other onetime highfliers,” The Journal said.
Associated Materials was founded in 1947. It recorded $1.2 billion in sales for the 12 months ended Sept. 28, 2013.
The company produces vinyl windows, vinyl siding, vinyl railing and fencing, aluminum trim coil, aluminum and steel siding and related accessories. It also sells complementary products made by third parties, such as roofing materials, cladding materials, insulation, exterior doors, and installation equipment and tools.