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Quanex Closes Truseal Acquisition
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.