Quanex Building Products Announces Definitive Agreement to Acquire Edgetech I.G.
January 31 2011 - 7:45AM
Quanex Building Products Corporation (NYSE:NX) today announced it
signed a definitive agreement with Lauren International to acquire
Edgetech I.G. Inc. for $107.0 million in an all cash transaction.
Closing will take place immediately upon conclusion of applicable
governmental regulatory approval. The acquisition is expected
to be accretive in year one, and additional information will be
disclosed at closing.
Edgetech I.G. is headquartered in Cambridge, Ohio, and has three
manufacturing facilities (US/UK/Germany) that produce and market a
full line of insulating glass spacer systems for window and door
customers in North America and abroad. Edgetech's products
separate and seal double and triple pane glass within a window
frame and its products further act as a thermal barrier that
conserves energy. It will be part of Quanex's Engineered
Products Group.
"I am pleased to announce our pending acquisition of Edgetech, a
technological leader of insulating glass spacer systems for the
window and door industry," said David Petratis, chairman and chief
executive officer of Quanex. "The acquisition of Edgetech will
complement our efforts to provide our customers with the broadest
range of high quality components, products, systems and
services. The vast majority of windows manufactured today
feature double or triple insulating glass, and with window
production set to rise as the housing and remodeling markets
recover, the long-term outlook for the business is excellent.
Acquiring Edgetech will allow us to better serve our growing
base of large and regional customers and will further accelerate
our international growth as they have a solid market presence
overseas. We are excited about the prospects of developing the
next generation of energy efficient spacer systems through the
combination of Edgetech and Truseal's disparate
technologies. This is a great example of the type of
acquisition we will make as we seek to profitably grow Quanex while
providing a better value proposition to our customers," said
Petratis.
"Quanex first entered the window and door market in 1989 with
the acquisition of Nichols Homeshield," Petratis
continued. "Homeshield at the time was, and remains today, one
of the largest producers of finished window screens. In 2002,
we purchased Colonial Craft, a supplier of window grilles. Then in
2003, we acquired Truseal, a supplier of window spacer
systems. In 2004, we acquired Mikron, a leading producer of
vinyl and composite window profiles. The acquisition of
Edgetech will complement our ability to better serve our window and
door customers with industry leading products and services and
further establishes Quanex as a leading supplier of energy
efficient components and systems."
Quanex Building Products Corporation is an industry-leading
manufacturer of engineered materials, components and systems
serving the U.S. residential window and door markets. It is a
ROIC-driven company that grows shareholder returns through a
combination of organic growth via new products and new programs,
and strategic acquisitions. The Company is listed on the New York
Stock Exchange under the symbol NX. For further information
visit the Company's website at www.quanex.com.
The Quanex Building Products Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=1117
Statements that use the words "expect," "should," "believe,"
"will," "might," or similar words reflecting future expectations or
beliefs are forward-looking statements. The statements found
above are based on current expectations. Actual results or
events may differ materially from this release. Factors that
could impact future results may include, without limitation, the
effect of both domestic and global economic conditions, the impact
of competitive products and pricing, and the availability and cost
of raw materials. For a more complete discussion of factors
that may affect the company's future performance, please refer to
the company's most recent 10-K filing on December 20, 2010, under
the Securities Exchange Act of 1934, in particular the section
titled, "Private Securities Litigation Reform Act" contained
therein. The forward-looking statements are intended to express the
company's expectations as of the date of this release. The
company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
CONTACT: Financial Contact: Jeff Galow, 713-877-5327
Media Contact: Valerie Calvert, 713-877-5305
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