Quanex Building Products to Acquire Assets of Alumco
Quanex Building Products Corporation (NYSE: NX) 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