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8-K - FORM 8-K - GIBRALTAR INDUSTRIES, INC. | l42869e8vk.htm |
EX-10.1 - EX-10.1 - GIBRALTAR INDUSTRIES, INC. | l42869exv10w1.htm |
EX-10.2 - EX-10.2 - GIBRALTAR INDUSTRIES, INC. | l42869exv10w2.htm |
Exhibit 99.1 |
Contact:
Kenneth Smith
Chief Financial Officer
716.826.6500 ext. 3217
kwsmith@gibraltar1.com.
Chief Financial Officer
716.826.6500 ext. 3217
kwsmith@gibraltar1.com.
Gibraltar Announces Acquisition of Pacific Award Metals
Strengthens Gibraltars Position in Key Western U.S. Markets
Buffalo, New York, June 6, 2011 Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading
manufacturer and distributor of building products, today announced that it has acquired privately
held Pacific Award Metals Inc. in a transaction that expands Gibraltars product portfolio and adds
new customers from its distribution network in the western United States. Terms of the agreement
were not disclosed.
Headquartered in California, Pacific Award Metals is a leading west coast manufacturer of roof
ventilation, roof trims, flashing and rain ware, drywall trims, and specialized clips and
connectors for concrete forms used in the new construction and repair and remodel segments.
Established in 1962, it manufactures and distributes from several facilities located in the western
U.S. and had sales for the most recent twelve months of approximately $30 million.
Augmenting our portfolio with some of the strongest brands in the western U.S. will establish us
as the clear leader in the regions largest building products markets, said Gibraltar Chairman and
Chief Executive Officer Brian Lipke. Pacific Award Metals product portfolio and wholesale
distributor relationships complement and expand those of Gibraltar. In addition, the acquisition
creates opportunities to provide a broader range of products through our retail channels across the
country. The Pacific Award Metals employee team has a well-earned reputation for delivering high
quality products and superior customer service and we look forward to their joining Gibraltar.
The integration of Pacific Award Metals with Gibraltar also is expected to provide many
opportunities for cost synergies. added Gibraltar President and Chief Operating Officer Henning
Kornbrekke. As we integrate our operations, we expect to realize significant value from improved
utilization of facilities plus other operating efficiencies. We expect the acquisition to be
nominally accretive to earnings for the remainder of 2011, excluding acquisition and other one time
costs, and to be accretive on a GAAP basis thereafter.
About Gibraltar
Gibraltar Industries is a leading manufacturer and distributor of building products, focused on
residential and nonresidential repair and remodeling, as well as construction of industrial
facilities and public infrastructure. The company generates more than 80% its sales from products
that hold
3556 Lake Shore Road, PO Box 2028, Buffalo, New York 14219-0228, Ph 716.826.6500, Fx 716.826.1589, gibraltar1.com
the #1 or #2 positions in their markets, and serves customers across the U.S. and throughout the
world from 36 facilities in 19 states, Canada, England and Germany. Gibraltars strategy is to
grow organically by expanding its product portfolio and penetration of existing customer accounts,
while broadening its market and geographic coverage through the acquisition of companies with
leadership positions in adjacent product categories. Comprehensive information about Gibraltar can
be found on its website, at http://www.gibraltar1.com.
Safe Harbor Statement
Information contained in this news release, other than historical information, contains
forward-looking statements and is subject to a number of risk factors, uncertainties, and
assumptions. Risk factors that could affect the expected outcomes described in these statements
include, but are not limited to the future of performance of Pacific Award Metals and Gibraltars
effectiveness in integrating Pacific Award Metals operations into those of the Company. 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, as may be required by applicable law or regulation.