PITTSBURGH --
Alcoa expects to close the deal in the fourth quarter. It had announced in April that it planned to sell the home exteriors business because it does not fit the company's emphasis on building and construction.
Alcoa Home Exteriors has about 1,400 employees at manufacturing plants in Atlanta; Denison, Texas; Gaffney, S.C.; Sidney, Ohio; and Stuarts Draft, Va.
Ply Gem of Kearney, Mo., makes vinyl siding, windows, and patio doors and other products. It is majority-owned by a private investment firm, Caxton-Iseman Capital Inc.
Officials with Ply Gem and Caxton-Iseman did not immediately say whether the Alcoa employees would be retained.
"We expect the addition of Alcoa Home Exteriors to Ply Gem's portfolio will enable us to capitalize on attractive market opportunities and provide us a strong platform to fully serve all channels of the vinyl siding market," Lee D. Meyer, president and chief executive officer of Ply Gem, said in a statement.
Ply Gem said it will finance the purchase through debt and cash.