PGT sells assets for $28 million

VENICE — Venice-based window and door manufacturer PGT Innovations Inc. sold assets it used in processing glass components for doors for $28 million to Cardinal Glass Industries.

PGT also entered into a seven-year supply agreement for Cardinal to supply those components to the firm, according to a press release. Cardinal is a manufacturer of residential glass for windows and doors. It has 37 locations around the U.S., including one in Ocala.

“This enhanced partnership is a strong strategic fit, leveraging the two companies' respective strengths,” says PGT Innovations President Jeff Jackson in the statement. “We invested in glass processing capacity in 2014, a time when no other company in our industry was investing in those assets, and that investment has paid off with the sale of these assets, generating a 37% annualized return for our shareholders on the investment.”