Quanex Building Products Corporation (NYSE:NX), a leading components supplier for the global window and door industry, yesterday announced that it signed a purchase agreement to sell its interest in Nichols Aluminum, LLC, a wholly owned subsidiary, to Aleris for $110 million in an all cash transaction. The transaction is subject to customary regulatory approvals and will close shortly after those approvals are obtained.
"As the housing markets continue to recover, we see great opportunity for both organic and acquisitive growth in our Engineered Products Group," said Bill Griffiths, Quanex chairman, president and CEO. "This transaction will allow us to focus all our energies and capital on enhancing our position as a leading window and door component supplier both domestically and internationally."
Nichols has a long history of producing flat-rolled aluminum sheet products for a number of key industries across North America. "Aleris will provide an excellent home for Nichols as it continues to grow its aluminum presence globally," said Griffiths.
Evercore Partners acted as financial advisor and Norton Rose Fulbright acted as legal counsel to Quanex Building Products Corporation.