Quanex Signs Agreement to Sell Nichols Aluminum
February 10 2014 - 9:00AM
Quanex Building Products Corporation (NYSE:NX), a
leading components supplier for the global window and door
industry, today announced that it signed a purchase agreement to
sell its interest in Nichols Aluminum, LLC, a wholly owned
subsidiary, to Aleris for $110 million in an all cash transaction.
The transaction is subject to customary regulatory approvals and
will close shortly after those approvals are obtained.
"As the housing markets continue to recover, we see great
opportunity for both organic and acquisitive growth in our
Engineered Products Group," said Bill Griffiths, Quanex chairman,
president and CEO. "This transaction will allow us to focus all our
energies and capital on enhancing our position as a leading window
and door component supplier both domestically and
internationally."
Nichols has a long history of producing flat-rolled aluminum
sheet products for a number of key industries across North America.
"Aleris will provide an excellent home for Nichols as it continues
to grow its aluminum presence globally," said Griffiths.
Evercore Partners acted as financial advisor and Norton Rose
Fulbright acted as legal counsel to Quanex Building Products
Corporation.
Quanex Building Products Corporation is a leading manufacturer
of components for the global window and door industry. The Company
is listed on the NYSE under the symbol NX. For further information,
visit the Company's website at www.quanex.com.
Statements that use the words "estimated," "expect," "could,"
"should," "believe," "will," "might," or similar words reflecting
future expectations or beliefs are forward-looking statements. The
forward-looking statements include, but are not limited to, future
operating results of Quanex, the financial condition of Quanex,
future uses of cash and other expenditures, expenses and tax rates,
expectations relating to the company's industry, and the company's
future growth. The statements in this release 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, the
availability and cost of raw materials, and customer demand. For a
more complete discussion of factors that may affect the company's
future performance, please refer to the company's Form 10-K filing
on December 18, 2013, under the Securities Exchange Act of 1934
("Exchange Act"), in particular the section titled, "Private
Securities Litigation Reform Act" contained therein.
CONTACT: Financial Contact: Marty Ketelaar, 713-877-5402
Media Contact: Valerie Calvert, 713-877-5305
For additional information, please visit www.quanex.com
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