Quanex to Acquire Edgetech
Quanex Building Products Corp. has 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.
Edgetech I.G., headquartered in Cambridge, Ohio, has manufacturing facilities in the U.S., the UK and Germany that produce and Super Spacer warm edge insulating glass spacer systems for window and door customers in North America and abroad. Edgetech will be part of Quanex’s Engineered Products Group, which also includes Mikron Industries, TruSeal Technologies and Homeshield Fenestration Components.
“I am pleased to announce our pending acquisition of Edgetech, a technological leader of insulating glass spacer systems for the window and door industry,” says David Petratis, Quanex chairman and CEO. “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 at the same time providing a better value proposition to our customers,” Petratis continues.
Quanex, based in Houston, first entered the window and door market in 1989 with the acquisition of Nichols Homeshield. “Homeshield at the time was, and remains today, one of the largest producers of finished window screens," Petratis notes. "In 2002, we purchased Colonial Craft, a supplier of window grilles. Then in 2003, we acquired Truseal, a supplier of window spacer systems. In 2004, we acquired Mikron, a leading producer of vinyl and composite window profiles. The acquisition of Edgetech will complement our ability to better serve our window and door customers with industry leading products and services and further establishes Quanex as a leading supplier of energy efficient components and systems.”