Quanex Building Products to acquire Edgetech IG
January 31, 2011
Officials at Quanex Building Products Corp., Houston, signed a definitive agreement with Lauren International, New Philadelphia, Ohio, to acquire Edgetech I.G. Inc., Cambridge, Ohio, for $107 million in an all-cash transaction, according to a Jan. 31 release. 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. has three manufacturing facilities 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 CEO Quanex, in the release. “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, Petratis said. "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," he said in the release. "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 at the same time providing a better value proposition to our customers."