Quanex Building Products Corporation Announces Definitive Agreement to Acquire
Assets of Alumco
HOUSTON, Dec. 17, 2012 (GLOBE NEWSWIRE) -- Quanex Building Products
Corporation (NYSE:NX), a leading manufacturer of engineered materials,
components and systems serving domestic and international window and door OEMs
through its Engineered Products and Aluminum Sheet Products Groups, today
announced it signed a definitive agreement to acquire the assets of Alumco,
Inc. and its subsidiaries in an all cash transaction. The assets to be
purchased include Aluminite, a screen producer for the window and door
industry. The acquisition is expected to be accretive to earnings per share in
2013 and close by December 31, 2012. The purchase price and other financial
information related to Alumco will not be publicly disclosed.
Alumco is headquartered in Chehalis, Washington, and has nine manufacturing
facilities located throughout the United States that produce and market window
and patio door screens to original equipment manufacturers (OEMs). Alumco's
window screens primarily serve vinyl window manufacturers, which Quanex does
not currently serve with window screens. The new business will become part of
Quanex's Engineered Products Group.
"I'm pleased to welcome the team from Alumco into the Quanex family," said
David Petratis, chairman, president and chief executive officer of Quanex.
"The acquisition allows us to expand our presence in the fenestration segment.
Quanex currently manufactures window screens for wood window manufacturers.
This acquisition creates the opportunity to become a leading window and door
screen producer in North America, allowing us to extend our product offering
and geographic footprint.Doing so will enable Quanex to further support North
American window OEMs," said Petratis.
Quanex Building Products Corporation is a ROIC-driven company that grows
shareholder returns through a combination of organic growth and strategic
acquisitions.The Company is listed on the NYSE under the symbol NX.For
further information, visit the Company's website at www.quanex.com.
The Quanex Building Products Corporation logo is available at
Statements in this press release that reflect future expectations or beliefs
are forward-looking statements and are based on current expectations. Actual
results or events involve risks and uncertainties and may differ materially
from this release. For a more complete discussion of factors, risks, and
uncertainties that may affect the company's future performance, please refer
to the company's Form 10-K filing on December 20, 2011, under the Securities
Exchange Act of 1934 ("Exchange Act"), in particular the section titled,
"Private Securities Litigation Reform Act" contained therein, and its
subsequently filed Form 10-Q filings.
CONTACT: Financial Contact: Marty Ketelaar
Media Contact: Valerie Calvert
For additional information, please visit www.quanex.com
Quanex Building Products Corporation Logo
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