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8-K - FORM 8-K - Quanex Building Products CORP | c11749e8vk.htm |
EX-2.1 - EXHIBIT 2.1 - Quanex Building Products CORP | c11749exv2w1.htm |
Exhibit 99.1
PRESS RELEASE
Quanex Building Products Announces Definitive Agreement to Acquire Edgetech I.G.
Houston, Texas, January 31, 2011 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 3 manufacturing facilities (U.S./United
Kingdom/Germany) that produce and market a full line of insulating glass spacer systems for window
and door customers in North America and abroad. Edgetechs 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 Quanexs 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 Truseals
disparate technologies. This is a great example of the type of acquisition we will make as we seek
to profitably grow Quanex while at the same time 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 said. 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 an 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 Companys website at www.quanex.com.
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 companys future performance, please refer to the companys 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 companys 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.
Financial Contact: Jeff Galow, 713-877-5327, Media Contact: Valerie Calvert, 713-877-5305