Plastic building-materials manufacturer Ply Gem Holdings Inc. may be going public.
The Cary, N.C., firm recently filed plans with the Securities and Exchange Commission for an initial public offering to raise as much as $300 million.
Company officials were unavailable for comment.
The IPO would require SEC approval and would depend on investors' willingness to buy into the deal.
According to the filings, Ply Gem is offering through June 30 to exchange $150 million in outstanding senior secured notes at 13.125 percent, plus related guarantees.
The notes would mature in 2014.
Ply Gem was formed in 2004 when New York-based private equity firm CI Capital Partners bought the vinyl products division of Nortek Inc. of Providence, R.I., for $570 million. CI Capital since has acquired several more building-materials businesses and, amid the current economic downturn, slashed costs by cutting jobs and consolidating plants.
The company markets vinyl siding and trim under numerous brands names including Mastic, Variform and Napco; and windows and doors under its own name and as Great Lakes Window. Ply Gem also sells vinyl fencing under the Kroy label and produces stone and brick veneer.
The firm in 2009 consolidated its vinyl siding and window production operations, closing plants in Kearney, Mo., and Tupelo, Miss., in a cost-savings move that officials said would save Ply Gem about $6 million annually in operating expenses.
For the first quarter of 2010, Ply Gem reported profit of $54.1 million on sales of $204.2 million, compared to a loss of $55.5 million on sales of $182.8 million for the year-ago period. For all of 2009, the company posted losses of $76.8 million on sales of $951.4 million.
Ply Gem ranked No. 5 among North American pipe, profile and tubing extruders in Plastics News' most recent industry report, with seven extrusion plants.
According to SEC filings as of Dec. 31, Ply Gem employed 3,817 workers in the U.S. and 425 in Canada.
Copyright 2010 Crain Communications Inc. All Rights Reserved.