Associated Materials files for IPO
NEW YORK (AP) — Associated Materials Group Inc., which makes and sells windows, roofing and other products for houses, registered for a $100 million initial public offering of stock on Monday.
The amount the company raises may change depending on demand from investors. Private equity firm Hellman & Friedman LLC bought Associated Materials in 2010 in a deal valued at about $1.3 billion.
The Cuyahoga Falls, Ohio, company's products include windows, siding, railing and fencing, roofing materials, insulation, doors, equipment and tools. It runs 123 supply centers, with products sold under names including Alside, Reverse, Gentek, UltraGuard and Preservation.
Last year, it posted a loss of $38.4 million on $1.14 billion in revenue. Associated Materials expects that the recovery in the housing market will boost its revenue and profitability.
The company plans to use proceeds from the IPO to repay debt.
Associated Materials did not disclose the timing of its IPO or how many shares it may sell. It expects its shares will be listed on the New York Stock Exchange or Nasdaq Global Market.
Hellman & Friedman expects to keep majority voting power in the company after the IPO.