Tampa manufacturer to acquire PGT Innovations for $3 billion

The largest publicly traded company in Sarasota County and one of the region's biggest employers, PGT Innovations, is set to be sold in one of the biggest deals in the region in decades. 

In a Monday morning statement, Masonite International, a Tampa-based manufacturer and distributor of interior and exterior doors, says it will acquire PGT, a Venice-based designer and manufacturer of impact-resistant patio door and window systems. Masonite will pay $3 billion in a combination of cash and Masonite shares, according to the statement.

The deal has not yet been finalized, but at closing, PGT will add two of its directors to the Masonite board of directors. Tampa-based Masonite says upon completion of the transaction, Masonite shareholders will own approximately 84% of the combined company, with PGT Innovations shareholders owning approximately 16%.