PGT completes sale to Gildan
SALISBURY PGT Inc. has completed the sale of its shuttered windows manufacturing plant on Heilig Road to an affiliate of Gildan Activewear Inc. for about $8 million in cash.
PGT left Salisbury two years ago to consolidate manufacturing at its headquarters in Venice, Fla. PGT made windows and doors at the 393,000-square-foot facility in Salisbury.
Through its yarn-spinning subsidiary CanAm Yarns, Gildan plans to retrofit the former PGT plant and open a new ring-spinning facility, creating about 170 jobs and investing more than $50 million in Rowan County in the next two years.
Employment in Rowan eventually could reach 200, former Gov. Bev Perdue said last month when she announced the Gildan deal.
Rowan was competing against a community in Georgia for the yarn-spinning operation.
Gildan received incentives from the state and Rowan. PGT was in the third year of a five-year incentive deal when the company pulled out.
This sale represents a positive outcome for PGT, our shareholders and employees, and provides additional momentum as we move into 2013, said Rod Hershberger, president and CEO of PGT. As previously announced, we listed this facility for sale in connection with the consolidation of our manufacturing operations into our Florida facilities. This sale further improves our financial strength and aligns with our strategy of focusing on our core impact-resistant markets within the State of Florida and nearby coastal regions.