Tuesday, NCI Building Systems Inc. (NCS) said it and Clayton, Dubilier & Rice Inc. have completed the previously-announced $250 million equity investment in the company by CD&R-managed funds. The CD&R-managed funds acquired newly issued preferred stock resulting in an ownership position in the company of around 68.5% on an as-converted basis.
"We have gained the resources to ride out the economic downturn and re-start our growth strategy. NCI now has a stronger balance sheet, which will provide us with significant resources to deal with challenging business conditions, and the financial flexibility to respond to and support market-driven growth initiatives. Additionally, cost reduction programs implemented over the past 12 months have better aligned our manufacturing infrastructure with anticipated demand," said Norman Chambers, chairman, president and chief executive officer.
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