Attached files
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8-K - FORM 8-K - GIBRALTAR INDUSTRIES, INC. | l38732e8vk.htm |
EX-99.1 - EX-99.1 - GIBRALTAR INDUSTRIES, INC. | l38732exv99w1.htm |
EX-10.2 - EX-10.2 - GIBRALTAR INDUSTRIES, INC. | l38732exv10w2.htm |
EX-10.1 - EX-10.1 - GIBRALTAR INDUSTRIES, INC. | l38732exv10w1.htm |
Exhibit 99.2
For Immediate Release
February 1, 2010
February 1, 2010
GIBRALTAR SELLS ITS
PROCESSED METAL PRODUCTS BUSINESS
PROCESSED METAL PRODUCTS BUSINESS
BUFFALO, NEW YORK (February 1, 2010) Gibraltar Industries, Inc. (NASDAQ: ROCK), a
leading manufacturer and distributor of products for the building and industrial markets, today
announced that it has completed the sale of the majority of the assets of its Processed Metal
Products segment to Worthington Industries, Inc. (NYSE: WOR).
The completion of this transaction finalizes Gibraltars exit from steel processing businesses
and establishes the Company as a manufacturer and distributor of products for the building and
industrial markets. This strategic direction, initiated in 2005, is an ongoing part of Gibraltars
plan to build a company with optimal operating characteristics and improved shareholder value. This
transition included the sale of Gibraltars steel strapping business in 2006, the 2007 sale of its
Hubbell Steel business, and the 2008 sale of its SCM powdered metal business.
The transition into a building and industrial products company also involved numerous
acquisitions, including two postal and storage products companies, Home Impressions and Steel City,
and the U.K.-based Expanded Metal Company, a leading European producer of industrial mesh, in 2006.
In 2007, Gibraltar acquired Dramex, a manufacturer of industrial grating products; Noll, which
manufacturers a diverse product range for the building and HVAC markets; and Florence, a leading
manufacturer of engineered storage solutions, including centralized mail and package delivery
products.
Following this transaction with Worthington Industries and prior to any additional
acquisition activity, our productive sales capacity will still be in excess of $1 billion. Looking
ahead, we expect to redeploy the capital from this sale to strengthen our product leadership
positions in targeted growth areas that provide us with stronger performance characteristics, said
Brian J. Lipke, Gibraltars Chairman and Chief Executive Officer.
Even though our Processed Metal Products business helped us to grow and diversify our
company, with the change in our strategic direction we concluded that it would be a better match
with another organization like Worthington which is already in that space. As a result of this
transaction, Worthington becomes the clear market leader in this product category, said Henning N.
Kornbrekke, Gibraltars President and Chief Operating Officer.
Gibraltar Industries serves customers in a variety of industries in all 50 states and
throughout the world from facilities in the United States, Canada, England, Germany, and Poland.
Gibraltars common stock is a component of the S&P SmallCap 600 and the Russell 2000®
Index.
more
Gibraltar Sells Assets of its Processed Metal Products Business
Page Two
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Information contained in this release, other than historical information, should be considered
forward-looking and may be subject to a number of risk factors and uncertainties. Risk factors that
could affect these statements include, but are not limited to, the following: the availability of
raw materials and the effects of changing raw material prices on the Companys results of
operations; energy prices and usage; changing demand for the Companys products and services;
changes in the liquidity of the capital and credit markets; risks associated with the integration
of acquisitions; and changes in interest or tax rates. In addition, such forward-looking statements
could also be affected by general industry and market conditions, as well as general economic and
political conditions. The Company undertakes no obligation to update any forward-looking
statements, whether as a result of new information, future events or otherwise, except as may be
required by applicable law or regulation.
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CONTACT: Kenneth P. Houseknecht, Investor Relations, at 716/826-6500, ext. 3229,
khouseknecht@gibraltar1.com.