UPDATE 1-Quanex to buy insulation maker Edgetech for $107 mln
* Says acquisition to add to earnings from first year
* Eyes growth in international market
Jan 31 (Reuters) - Quanex Building Products Corp (NX.N) said it has agreed to buy insulation products maker Edgetech IG Inc from Lauren International for $107 million in cash to expand in the international market.
Quanex said it expects its fifth acquisition in the window and door products market, which it had entered in 1989, to add to its earnings from the first year after the deal's close.
Cambridge, Ohio-based Edgetech IG's three manufacturing facilities in the United States, United Kingdom and Germany make glass insulation systems.
After a two-year slump in the construction market, U.S. building materials firms bet on "green" -- or energy efficient -- building to steer them back to growth. [ID:nSGE6BS09N]
Shares of the Houston-based Quanex, which have gained about 6 percent since reporting fourth-quarter results in December, closed at $19.53 on Friday on the New York Stock Exchange. (Reporting by Soham Chatterjee in Bangalore; Editing by Joyjeet Das)
- Exclusive: Radar data suggests missing Malaysia plane deliberately flown way off course - sources
- Investigators focus on foul play behind missing plane: sources |
- CEOs of biggest Russian firms could be hit by sanctions: paper |
- Kremlin website hit by 'powerful' cyber attack
- Search for Malaysian plane may extend to Indian Ocean - U.S |