TORONTO - Genstar Capital Corp. of Toronto plans to run its recently acquired building products operations as a single business based in Cleveland. Genstar completed the pur-chase of Alcan Aluminium Ltd.'s vinyl and metal building operations Dec. 21 for more than US$120 million.
Genstar agreed in July to buy the operations after Alcan put them up for sale to focus on its metal businesses.
Genstar renamed the U.S. operations Gentek Building Products Inc. Those in Canada are now called Gentek Building Products Ltd.
The Alcan businesses had 1993 sales of about $425 million, including about $72 million in vinyl building products such as siding, soffit and windows. Seven of the 18 manufacturing plants make vinyl products.
Based on 1993 sales, Gentek will be among the 10 largest plastic profile extruders in North America.
Genstar will control Gentek's board of directors, which also will include directors from minority investors Ontario Teachers' Pension Plan Board and Genstar management. The Bank of Nova Scotia arranged $120 million in debt to support the acquisition.
Under Alcan, the U.S. operations were divided into six business units called Siding Group, Fabral, Building Specialties, Gerard Roofing Technologies, Vinyl Window Systems and the Distribution Group. Genstar did not acquire Building Specialties and Gerard Roofing.
Genstar and Alcan officials were not available to comment on the deal.