Overhead Door Corp. and Wayne-Dalton Corp. have reached a tentative, non-binding agreement in which Overhead Door will acquire Wayne-Dalton’s overhead door business in North America and Europe.
Under the terms of the tentative agreement, Overhead Door would acquire substantially all of the assets of Wayne-Dalton’s commercial and residential overhead door business, as well as its Fabric-Shield storm panel business in a cash transaction.
Wayne-Dalton 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 will continue to promote and make available Wayne-Dalton openers and wireless home-access products to Wayne-Dalton customers. The transaction is subject to the negotiation and execution of a definitive agreement and to customary closing conditions, including regulatory and other approvals.
Dallas-based Overhead Door Corp. is a manufacturer of overhead doors and openers for residential, commercial and industrial applications.