Quanex Building Products Corp. has announced that it has 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,” says 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.”
Evercore Partners acted as financial advisor and Norton Rose Fulbright acted as legal counsel to Quanex for the transaction.