Investor Press Release
Quanex Corporation Announces the Purchase of Besten Inc.: Strategic Complement to the Building Products Business
HOUSTON, March 21, 2005 (PRIMEZONE) -- Quanex Corporation (NYSE:NX), an industry-leading manufacturer of value added engineered materials and components serving the vehicular products and building products markets, today announced the purchase of privately held Besten Incorporated, located in Cleveland, Ohio.
Targeting the window and door industry, Besten is a well positioned manufacturer and supplier of the equipment used for assembling and glazing insulating glass components. Established in 1974, Besten has engineered and built industry-leading, specialized machinery with a focus on increasing productivity. Besten has worked closely with Quanex's TruSeal Technologies business in developing automated insulating glass systems. Besten has 35 employees with annual sales approaching $10 million.
"Besten complements our glass sealant product line (TruSeal) and further expands the quality products and services our Engineered Products business can provide customers," stated Michael Bayles, President of Building Products, of Quanex. "Besten is the fourth acquisition we have made to our Engineered Products business and illustrates our continued commitment to growing our core businesses."
Statements that use the words "expect," "should," "believe," "will," "might," or similar words reflecting future expectations or beliefs are forward-looking statements. The statements found above 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, and the availability and cost of raw materials. For a more complete discussion of factors that may affect the Company's future performance, please refer to the Company's most recent 10-K filing (December 21, 2004) under the Securities Exchange Act of 1934, in particular the sections titled, "Private Securities Litigation Reform Act" contained therein.
For further information, visit the Company's website at www.quanex.com.
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CONTACT: Quanex Corporation