Attached files
| file | filename |
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| 8-K - FORM 8-K - Quanex Building Products CORP | c24593e8vk.htm |
Exhibit 99.1
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Press Release |
FOR IMMEDIATE RELEASE:
Quanex Optimizes its Insulating Glass Spacer Operations
HOUSTON, November 7, 2011 — Quanex Building Products Corporation (NYSE:NX) today announced a
consolidation and restructuring plan for its insulated glass spacer business. Currently, the
company produces warm-edge spacer products in the US at its Cambridge, OH and Barbourville, KY
locations. The plan, in part, calls for the permanent closing of the company’s Barbourville
facility. The equipment used to manufacture the industry’s leading single seal spacer system will
be relocated to Quanex’s Cambridge facility.
“Quanex Building Products remains committed to becoming the leader in the production of
fenestration components, products and systems serving a global customer base,” said David D.
Petratis, Quanex’s president and chief executive officer. “We continually work to identify
opportunities that enhance our ability to deliver outstanding products and services to our growing
customer base. While it was a very difficult decision to close our spacer facility in Kentucky, we
believe this consolidation will allow us to better serve our customers through streamlined
operations. During the transition, our spacer customers can expect to see the same great service
and experience they have grown accustomed to.”
The restructuring plan also includes the consolidation of administrative functions, as well as
research and development. Effective today, George L. Wilson will assume the new role of General
Manager — Insulated Glass Systems.
The consolidation of operations and the subsequent closure of the Barbourville facility are
expected to be completed during Quanex’s fiscal third quarter 2012.
Quanex Building Products Corporation is an industry-leading manufacturer of value-added, engineered
products and components, serving the energy-efficient building products markets. It is an
ROIC-driven company that grows shareholder returns through a combination of organic growth via new
products, programs and strategic acquisitions. For more information, visit www.quanex.com.
Statements that use the words “estimated,” “expect,” “could,” “should,” “believe,” “will,” “might,”
or similar words reflecting future expectations or beliefs are forward-looking statements. The
forward-looking statements include, but are not limited to, references to synergies derived from
the acquisition of Edgetech, future operating results and financial condition of Quanex and future
uses of cash. The statements in this release are based on current expectations. Actual results or
events may differ materially from this release. Factors that could impact future results may
include, without limitation, the effect of both domestic and global economic conditions, the impact
of competitive products and pricing, the availability and cost of raw materials, and customer
demand. For a more complete discussion of factors that may affect the company’s future
performance, please refer to the company’s 10-K filing on December 20, 2010, under the Securities
Exchange Act of 1934, in particular the section titled, “Private Securities Litigation Reform Act”
contained therein.
Investor Contact: Jeff Galow, 713-877-5327, jgalow@quanex.com
Media Contact: Valerie Calvert, 713-877-5305, vcalvert@quanex.com
Media Contact: Valerie Calvert, 713-877-5305, vcalvert@quanex.com
| www.quanex.com |  |