Investor Press Release
Quanex Building Products Announces Closing Date to Acquire Edgetech
HOUSTON, Mar 11, 2011 (GlobeNewswire via COMTEX) --
Quanex Building Products Corporation "Quanex" (NYSE:NX) today announced it will close its acquisition of Edgetech I.G. Inc. "Edgetech" on or before April 1, 2011. Quanex received the applicable government approvals, and as previously announced, the $107 million purchase will be an all cash transaction. Additional information will be disclosed upon closing.
Edgetech is headquartered in Cambridge, Ohio, and has three manufacturing facilities (US/UK/Germany) that produce and market a full line of warm edge insulating glass spacer systems for window and door customers in North America and abroad. Edgetech's products separate and seal double and triple pane glass within a window and further act as a thermal barrier to conserve energy. It will be part of Quanex's Engineered Products Group.
Quanex Building Products is an industry-leading manufacturer of engineered materials, components and systems serving the US 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 Company's website at www.quanex.com.
The Quanex Building Products Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1117
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 company's future performance, please refer to the company's 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 company's 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.
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SOURCE: Quanex Building Products Corporation
CONTACT: Financial Contact: Jeff Galow 713-877-5327 Media Contact: Valerie Calvert 713-877-5305