Quanex Building Products Announces Definitive Agreement To Acquire Edgetech I.G.

HOUSTON, Jan. 31, 2011 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX) today announced it signed a definitive agreement with Lauren International to acquire Edgetech I.G. Inc. for $107.0 million in an all cash transaction. Closing will take place immediately upon conclusion of applicable governmental regulatory approval.  The acquisition is expected to be accretive in year one, and additional information will be disclosed at closing.

Edgetech I.G. is headquartered in Cambridge, Ohio, and has three manufacturing facilities (US/UK/Germany) that produce and market a full line of 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 frame and its products further act as a thermal barrier that conserves energy. It will be part of Quanex's Engineered Products Group.

"I am pleased to announce our pending acquisition of Edgetech, a technological leader of insulating glass spacer systems for the window and door industry," said David Petratis, chairman and chief executive officer of Quanex. "The acquisition of Edgetech will complement our efforts to provide our customers with the broadest range of high quality components, products, systems and services. The vast majority of windows manufactured today feature double or triple insulating glass, and with window production set to rise as the housing and remodeling markets recover, the long-term outlook for the business is excellent.  Acquiring Edgetech will allow us to better serve our growing base of large and regional customers and will further accelerate our international growth as they have a solid market presence overseas. We are excited about the prospects of developing the next generation of energy efficient spacer systems through the combination of Edgetech and Truseal's disparate technologies. This is a great example of the type of acquisition we will make as we seek to profitably grow Quanex while providing a better value proposition to our customers," said Petratis.