Privately owned building products giant Euramax International Inc. acquired GSW Building Products Inc. from Milwaukee-based A.O. Smith Corp. in an $11.3 million deal that closed Dec. 19.
GSW, a vinyl building products manufacturer that focuses primarily on rainwater systems like gutters and downspouts, has a vinyl extrusion plant in Barrie, Ontario, and employs about 100.
Smith bought GSW's parent company in April. Smith officials from the start were looking to offload the building products unit to focus on the core businesses of electric motor and water heater manufacturing, said Mark Petrarca, Smith senior vice president of human resources and public affairs, in a Dec. 20 telephone interview.
``It's a well-run business with very good people,'' he said. ``But it's not in our core. It's better for them to be with a company committed to their industry and products.''
Euramax has had a business relationship with GSW for more than 20 years, said J. David Smith, Euramax chairman, president and chief executive officer.
``This wasn't something unfamiliar to us,'' Smith said. ``It was a natural fit for us and adds to the mix of other rain-carrying product to fully complement our line.
``We're confident in this particular product line. Obviously, we feel like it was a piece we needed to complement the metal systems we've had on the market for five decades.''
Norcross, Ga.-based Euramax sold more than a $1 billion worth of goods in 2005, according to Forbes.
Euramax operates 60 North American manufacturing facilities and eight in Europe. About 15 percent of the company's portfolio is in plastic products, Smith said. Euramax is owned by New York-based Goldman Sachs Capital Partners Inc.