UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 16, 2007
QUANEX CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
1-5725 |
38-1872178 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
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1900 West Loop South, Suite 1500, Houston, Texas |
77027 |
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| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: 713-961-4600
________________________________________________________________________________
(Former name or former address, if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Item 7.01 Regulation FD Disclosure
This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On May 16, 2007, Quanex Corporation issued a press release (the "Press Release") announcing that Quanex's Board of Directors has initiated a review of strategic alternatives with respect to its Building Products group. Strategic alternatives to be considered include, but are not limited to, a tax-free spin-off to Quanex shareholders, a sale or a joint venture. At this time, there can be no assurance that this strategic review will result in any type of transaction. The foregoing is qualified by reference to the Press Release which is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1. Press release dated May 16, 2007
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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QUANEX CORPORATION
(Registrant) |
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May 16, 2007
(Date) |
/s/ THOMAS M. WALKER
Thomas M. Walker Senior Vice President - Finance and Chief Financial Officer, (Principal Financial Officer) |
| Exhibit Index | ||
| 99.1 | Press release dated May 16, 2007 | |
EXHIBIT 99.1
Quanex to Review Strategic Alternatives for Building Products Group
HOUSTON, May 16, 2007 (PRIME NEWSWIRE) -- Quanex Corporation (NYSE:NX) today announced that its Board of Directors has initiated a review of strategic alternatives with respect to its Building Products group. Quanex's Building Products group generated net sales of approximately $1.1 billion and operating income of approximately $135 million for the year ended October 31, 2006. The Building Products group consists of Engineered Products, which provides window and door OEM customers with engineered products and components, and Aluminum Sheet Products, which serves primarily the building and construction market. Strategic alternatives to be considered include, but are not limited to, a tax-free spin-off to Quanex shareholders, a sale or a joint venture.
Raymond A. Jean, chairman and chief executive officer of Quanex, stated: "Our two groups, Vehicular Products and Building Products, are both strong businesses with the scale, cash flow, and balance sheet strength needed to succeed and pursue opportunities in their distinct markets. However, given their different products, processes and end markets, we believe that the time is right to explore whether separating these businesses can deliver greater value for our shareholders."
At this time, there can be no assurance that this strategic review will result in any type of transaction. The Board does not intend to provide an update to this process or disclose developments with respect to potential strategic initiatives until it has approved a definitive course of action.
The Board of Directors has retained Lazard Freres & Co. LLC as its financial advisor to support it in this strategic review.
Quanex Corporation, with fiscal 2006 sales of $2 billion, is an industry-leading manufacturer of value-added, engineered materials and components serving the vehicular products and building products markets. For further information, visit the Company's website at www.quanex.com.
The Quanex Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=1117
Statements that use the words "expect," "should," "may," "could," "will," "might," or similar words reflecting future expectations or beliefs are forward-looking statements. The statements above are based on Quanex's 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 of December 15, 2006, under the Securities Exchange Act of 1934, in particular the section titled, "Private Securities Litigation Reform Act" contained therein.
CONTACT: Quanex Corporation
Jeff Galow
713-877-5327
Valerie Calvert
713-877-5305