Cornerstone Building Brands Announces Divestiture of Continuous Coatings Business for $500 Million, Leverages Long-Term Supply Agreements for Growth

CARY, NC, April 10, 2022–(BUSINESS WIRE)–Cornerstone Building Brands, Inc. (NYSE:CNR) (“Cornerstone Building Brands” or the “Company”), the largest manufacturer of exterior building products in North America, today announced that it has entered into a definitive agreement to sell its continuous coatings business to BlueScope Steel Limited (“BlueScope”) in an all-cash, $500 million transaction, subject to customary adjustments. The transaction includes products sold under the Metal Coaters and Metal Prep brands.

As part of the transaction, BlueScope and the Company will enter into long-term supply agreements to ensure continued supply of lightweight coil coating and painted hot-rolled steel at favorable service levels, reaffirming Cornerstone Building Brands as the preferred solution provider for metal buildings and roofing.

“Our key drivers of value creation are integral to advancing our strategy towards profitable growth,” said Rose Lee, President and Chief Executive Officer. “As part of our broad innovation engine, we seek to partner with companies with complementary capabilities that create greater opportunities. We are excited to extend our relationship with BlueScope, which is one of our customers and suppliers for many years and is well positioned to go even further in the coil coating business.We will continue to focus on investing in our key growth markets and driving value through our key channels. of sale.

Under terms of the agreement, the company will sell seven manufacturing facilities and transfer approximately 570 employees from Cornerstone Building Brands to BlueScope.

The financial results of the continuous coatings business are reported in the Company’s Commercial segment. For the twelve months ended December 31, 2021, the continuous coatings business had net sales of approximately $214.9 million.

The transaction is expected to close in 2022, subject to customary closing conditions, including regulatory approvals.

Rothschild & Co served as exclusive financial advisor, Sullivan & Cromwell LLP served as legal advisor, and Alvarez & Marsal Transaction Advisory Group, LLC served as accounting advisor to Cornerstone Building Brands on this transaction.

About Cornerstone Building Brands

Cornerstone Building Brands is the largest manufacturer of exterior building products for low-rise residential and non-residential buildings in North America. Based in Cary, NC, we serve residential and commercial customers in the new construction, repair and remodel markets. Our market-leading product portfolio covers vinyl windows, vinyl siding, stone veneer, metal roofing, metal wall systems and metal accessories. Cornerstone Building Brands’ extensive multi-channel distribution platform and national footprint includes more than 20,000 employees in manufacturing, distribution and office locations across North America. Corporate stewardship and environmental, social and governance (ESG) responsibility are deeply embedded in our culture, and we are committed to making a positive contribution to the communities in which we live, work and play. For more information, visit us at

Forward-looking statements

Certain statements and information contained in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe”, “anticipate”, “direction”, “plan”, “potential”, “expect”, “should”, “will”, “plan”, “target” and similar expressions are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 These forward-looking statements reflect our current expectations, assumptions and/or beliefs regarding future events.Accordingly, these forward-looking statements are based on a number of assumptions, forecasts and estimates and, accordingly, these forward-looking statements are subject to a number of risks and uncertainties that may cause the actual performance of the Company to differ materially from that projected in the future. e such statements. Factors that could cause actual results to differ materially include, but are not limited to: statements regarding our ability to satisfy the closing conditions of the transaction, including regulatory approvals; our ability to complete the transaction on time, if at all; and other risks and uncertainties. In addition to these factors, we encourage you to review the “Risk Factors” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and other filings with the SEC, which identify important factors, although not necessarily all such factors, that could cause future results to differ materially from those set forth in the forward-looking statements set forth herein. The Company expressly disclaims any obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise.

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Investor Relations
Tina Beskid
Vice President, Finance and Investor Relations
[email protected]

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