Quanex Completes Sale of Nichols Aluminum
HOUSTON, April 1, 2014 (GLOBE NEWSWIRE) -- Quanex Building Products
Corporation (NYSE:NX), a leading components supplier for the global window and
door industry, today announced that it completed the sale of its interest in
Nichols Aluminum, LLC, a wholly owned subsidiary, to Aleris for $110 million
in an all cash transaction. Nichols is an aluminum sheet producer with
facilities in Davenport, IA, Lincolnshire, IL and Decatur, AL.
"Going forward, our full focus will be on growing our position as a leading
window and door component supplier both domestically and internationally,"
said Bill Griffiths, Quanex chairman, president and CEO.
Evercore Partners acted as financial advisor and Norton Rose Fulbright acted
as legal counsel to Quanex Building Products Corporation.
Quanex Building Products Corporation is listed on the NYSE under the symbol
NX. For further information, visit the Company's website at www.quanex.com.
Statements that use the words "estimated," "expect," "could," "should,"
"believe," "will," "might," or similar words reflecting future expectations or
beliefs are forward-looking statements. The forward-looking statements
include, but are not limited to, future operating results of Quanex, the
financial condition of Quanex, future uses of cash and other expenditures,
expenses and tax rates, expectations relating to the company's industry, and
the company's future growth. The statements in this release 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, the availability and cost of raw
materials, and customer demand. For a more complete discussion of factors that
may affect the company's future performance, please refer to the company's
Form 10-K filing on December 18, 2013, under the Securities Exchange Act of
1934 ("Exchange Act"), in particular the section titled, "Private Securities
Litigation Reform Act" contained therein.
CONTACT: Financial Contact:
Marty Ketelaar, 713-877-5402
Valerie Calvert, 713-877-5305
For additional information, please visit www.quanex.com
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