Quanex to Acquire Alumco’s Assets
December 18, 2012
by Tara Taffera, email@example.com
Quanex Building Products Corp. has announced that it has signed a definitive agreement to acquire the assets of Alumco Inc. and its subsidiaries in an all-cash transaction. The assets include Aluminite, a screen producer for the door and window industry, which Quanex says will allow it to extend its product offering and better serve its customers.
“The acquisition allows us to expand our presence in the fenestration segment,” says David Petratis, chairman, president and chief executive officer of Quanex. “Quanex currently manufactures window screens for wood window manufacturers. This acquisition creates the opportunity to become a leading window and door screen producer in North America, allowing us to extend our product offering and geographic footprint. Doing so will enable Quanex to further support North American window OEMs.”
He spoke to USGNN.com today and adds that the process to build its fenestration position has been ongoing since the creation of Quanex.
“We have nurtured the relationship with Aluminite over the last four years,” he says. “Aluminite felt Quanex was the best buyer for the company …. I really feel that there are lots of businesses that go into the auction process, etc., but it’s about how you come out with the best results.”
Alumco is headquartered in Chehalis, Wash., and has nine manufacturing facilities located throughout the United States that produce and market window and patio door screens to OEMs. The new business will become part of Quanex’s Engineered Products Group.
Petratis adds that while Quanex has had “a solid position with window and patio door screens in wood windows, Aluminite is in a much better position on the vinyl side and geographically it will help us be close to our customers. It won’t just help on screens and patio doors but will open up opportunities for the rest of our product portfolio.”
The acquisition is expected to close by December 31, 2012, according to Quanex. The terms of the transaction have not been disclosed.