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EXHIBIT 99.1
PRESS RELEASE OF ATRIUM COMPANIES, INC. DATED JULY 6, 2000
Contact: Jeff Hull
President and
Chief Financial Officer
Atrium Companies, Inc.
(214) 630-5757
ATRIUM ANNOUNCES SALE OF SUBSTANTIALLY ALL OF THE ASSETS OF
WING INDUSTRIES TO PREMDOR
DALLAS, July 6 /PRNewswire/ -- Atrium Companies, Inc. ("Atrium")
announced today that it has signed a definitive agreement to sell
substantially all of the assets of its Wing Industries, Inc. wood interior
door subsidiary ("Wing") to Premdor Corporation, a subsidiary of Premdor Inc.
(NYSE: PI) (Toronto: PDI). The transaction is expected to close within 45
days assuming receipt of necessary regulatory approvals and is subject to a
Hart-Scott-Rodino Act filing. Atrium's wood patio door division will not be
included in the sale and will continue to operate as a division of Atrium.
Additionally, Atrium has reached an agreement to sell its Mt. Pleasant
building, which was previously used by Wing, to an unrelated party.
Atrium is the largest unit volume manufacturer of vinyl and aluminum
residential windows in the United States. For the year ended December 31,
1999, Atrium, excluding Wing, generated $375 million in revenues.
Frank E. Sheeder, CEO of Atrium, stated, "The sale of our Wing
division is the latest step in our goal to focus on our core competency of
manufacturing aluminum and vinyl windows and to concentrate on these fast
growing segments of Atrium's business. The Atrium name is synonymous with a
full range of residential windows serving the repair and remodeling and new
construction markets, which can meet the complete needs of our extensive
customer base."
"Although we will be focusing on our window business, customer
service remains our top priority," noted Jeff L. Hull, President of Atrium.
"We will work closely with our customers to ensure a smooth transition of our
door business."
Statements in this press release, other than statements of
historical information, are forward looking statements that are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Investors are cautioned that forward-looking statements are
inherently uncertain. Actual performance and results may differ materially
from those projected or suggested herein due to certain risks and
uncertainties including, without limitation, the risks associated with the
ability to consummate the transactions set forth above, as well as operating
risks. Those and other risks are described in Atrium's filings with the
Securities and Exchange Commission (the "SEC") made over the last 12 months,
copies of which are available from the SEC or may be obtained upon request
from Atrium.
