Quanex Closes Truseal Acquisition
January 19, 2004
Quanex Corp. has announced the Dec. 31, 2003 closing of the stock purchase of TruSeal Technologies Inc. from Kirtland Capital Partners for $113 million in cash. The company financed the acquisition by borrowing against its $310 million revolving credit facility. TruSeal manufactures and markets a full line of patented and trademarked flexible insulating glass spacer systems and sealants for vinyl, aluminum and wood windows. The product separates and seals the glass within a window frame and acts as a thermal barrier to conserve energy and resist moisture. With approximately $80 million in revenues and 300 employees, the acquisition will be accretive to earnings in year one. The business will become part of Quanex's Building Products segment.
For more information, visit http://www.quanex.com .