MoistureShield Parent Company Acquired
SPRINGDALE, Ark.— Advanced Environmental Recycling Technologies, Inc. (AERT) announced that it has entered into a definitive agreement to be acquired by Oldcastle Architectural, Inc. for total cash consideration of $117 million.
The acquisition of AERT enables Oldcastle Architectural to enter into the attractive and growing category of composite decking. The ChoiceDek and MoistureShield brands will serve to complement Oldcastle Architectural’s existing portfolio of outdoor living brands. Oldcastle Architectural will further enhance AERT’s commitment to safety, productivity and innovation, a press release announced.
Tim Morrison, CEO and Chairman of the Board of AERT, said, “This is a compelling transaction that maximizes shareholder value. We believe this is the right partnership to meet the evolving needs of our customers while furthering our ability to create best-in-class products. We are excited by the opportunities for AERT under Oldcastle Architectural’s ownership, and we look forward to being a part of this dynamic new chapter.”