Overhead Door Corporation and Wayne-Dalton Corption jointly announced yesterday that they have reached a tentative, non-binding agreement in principle, pursuant to which Overhead Door Corporation would acquire Wayne-Dalton Corp.’s overhead garage door business in North America and Europe.
Under the terms of the tentative agreement, Overhead Door Corporation would acquire substantially all of the assets of Wayne-Dalton Corp.’s commercial and residential overhead door business, as well as their Fabric-Shield storm panel business in a cash transaction. Wayne-Dalton Corp. would retain its garage door opener and wireless home access control businesses and will continue to manufacture, market and sell products of those businesses. The tentative agreement in principle contemplates that Overhead Door Corporation will continue to promote and make available Wayne-Dalton Corp. openers and wireless home access products to Wayne-Dalton Corp.’s current customers. The combined company would create North America’s premier manufacturer and marketer of overhead doors and openers.
The transaction is subject to the negotiation and execution of a definitive agreement and to customary closing conditions, including regulatory and other approvals.