Volume 46, Issue 1 - January/February 2007
Georgia Gulf Redeems Notes
Georgia Gulf Corp. of Atlanta, a leading North American manufacturer and international marketer of two integrated chemical product lines, chlorovinyls and aromatics, has completed the acquisition of Royal Group Technologies Limited.
The company has redeemed Royal Group’s outstanding medium-term notes, with approximately $115 million paid to note holders on November 3, 2006. The payment to note holders was inclusive of principal, the premium to par value associated with the redemption and accumulated interest.
Georgia Gulf expected proceeds from divestitures of Royal Group’s non-core assets to be approximately $98 million during the fourth quarter of 2006. Georgia Gulf noted that the sale of Royal Group’s Polish operations was successfully concluded on October 27, 2006, with divestitures of Royal’s Canadian distribution center and U.S. window covering manufacturing plants scheduled to close before the end of last year.
“Cash generation and debt reduction remain our primary focus,” commented Ed Schmitt, Georgia Gulf’s chairperson, president and chief executive officer. With the acquisition of Royal Group in October of last year, Schmitt noted, “We are rapidly pursuing opportunities to sell unproductive assets, reduce working capital and secure operating synergies.”
Under Royal Group’s brands, Georgia Gulf manufactures vinyl-based building and home improvement products including custom window profiles, siding, pipe and pipe fittings, mouldings, decking, fencing, railing, and window coverings.
FrameGuard® Now Indoor Air Quality Certified®
Atlanta, Ga.-based Arch Wood Protection Inc. has announced that its FrameGuard mold-resistant wood meets the emissions standards of the GREENGUARD Environmental Institute (GEI), an independent, non-profit organization. It says this product is now GREENGUARD Indoor Air Quality Certified, a certification that’s specified in several green building guidelines, including the National Association of Home Builders (NAHB) and the U.S. Green Building Council’s LEED® program.
The company says GEI coordinated rigorous testing of its FrameGuard® wood products through a third-party laboratory and determined that the products are within the approved standard for low chemical emissions.
The manufacturer says FrameGuard® wood is coated with a blend of proprietary anti-mold and borate chemicals that provide resistance to mold growth and protect wood against damage from termites and fungal decay in interior applications. GEI’s chief executive officer Carl Smith said, “FrameGuard® wood achieves a difficult balance by being mold resistant while meeting rigorous chemical emissions standards.”
The company says its coating is applied to a variety of wood products.
© Copyright 2007 Key Communications Inc. All rights reserved. No reproduction of any type without expressed written permission.