CSW Industrials Completes Previously Announced Acquisition of TRUaire
December 15 2020 - 5:41PM
CSW Industrials, Inc. (NASDAQ: CSWI) today announced it has
completed the acquisition of TRUaire. This strategic acquisition
expands CSWI’s heating, ventilation, air conditioning, and
refrigeration (HVAC/R) product offering, and incorporates TRUaire’s
market leading grille, register, and diffuser products.
The acquisition complements CSWI’s existing
HVAC/R solutions portfolio, including its condensate management
platform, ductless accessories, and chemical offerings. By
leveraging CSWI’s go-to-market strategy, strong distribution
channels, and deep experience in the HVAC/R market, this
acquisition is expected to drive increased customer share of
wallet, while providing an enhanced service offering. CSWI’s
existing investments in technology and e-commerce will drive
efficiency in TRUaire’s operations.
Consideration for this acquisition included $284
million of cash and the issuance of approximately 850,000 shares of
common stock to the sellers. CSWI funded the cash portion of the
acquisition with cash on hand and borrowings under its
recently-upsized revolving credit facility. After giving effect to
the transaction, CSWI maintains sufficient liquidity with
approximately $60 million of availability on its revolving credit
facility.
Joseph B. Armes, CSW Industrials Chairman,
President, and Chief Executive Officer, commented, “We are pleased
to complete the TRUaire acquisition and to welcome approximately
1,600 new colleagues to CSW Industrials. TRUaire allows us to
expand our existing HVAC/R platform with a compelling portfolio of
best-in-class products, while leveraging our existing distribution
channels to better serve our customers. This acquisition will
enable us to continue to drive sustainable, profitable growth,
while delivering value to all of CSWI’s shareholders.”
For additional information about CSWI’s
acquisition of TRUaire, please visit the previously released
transaction documents, including the November 5, 2020 press
release, conference call and investor presentation, which are
available on CSW Industrials’ Investor Relations website at
www.cswindustrials.com.
Safe Harbor StatementThis press
release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, which are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, as amended. Words or phrases such as "may," "should,"
"expects," "could," "intends," "plans," "anticipates," "estimates,"
"believes," "forecasts," "predicts" or other similar expressions
are intended to identify forward-looking statements, which include,
without limitation, earnings forecasts, effective tax rate,
statements relating to our business strategy and statements of
expectations, beliefs, future plans and strategies and anticipated
developments concerning our industry, business, operations, and
financial performance and condition.
The forward-looking statements included in this
press release are based on our current expectations, projections,
estimates, and assumptions. These statements are only predictions,
not guarantees. Such forward-looking statements are subject to
numerous risks and uncertainties that are difficult to predict.
These risks and uncertainties may cause actual results to differ
materially from what is forecast in such forward-looking
statements, and include, without limitation, the risk factors
described from time to time in our filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this
press release are based on information currently available to us,
and we assume no obligation to update any forward-looking statement
except as may be required by law.
About CSW IndustrialsCSWI is a
diversified industrial growth company with well-established,
scalable platforms and domain expertise across two segments:
Industrial Products and Specialty Chemicals. CSWI's broad portfolio
of leading products provides performance optimizing solutions to
its customers. CSWI's products include mechanical products for
HVAC/R applications, sealants, and high-performance specialty
lubricants. Markets that CSWI serves include: HVAC/R,
architecturally-specified building products, general industrial,
plumbing, rail, energy, and mining. For more information, please
visit www.cswindustrials.com.
Investor RelationsAdrianne D.
GriffinVice President, Investor Relations, & Treasurer
214-489-7113adrianne.griffin@cswi.com
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