Investor Press Release
Quanex Signs Agreement to Purchase Temroc Metals, Inc.
HOUSTON, March 21 /PRNewswire/ -- Quanex Corporation (NYSE: NX) announced today that it has signed a letter of intent to purchase Temroc Metals, Inc., an aluminum extrusion and fabrication company based in Hamel, Minnesota, and its subsidiary, AaCron, Inc., an anodizing company based in Plymouth, Minnesota, both just west of Minneapolis.
Consummation of the sale is subject to the completion of due diligence, negotiation of a definitive agreement, and other necessary approvals. The sale is targeted to close by the end of April.
Temroc Metals is a leading producer of customized aluminum extrusions and fabricated metal products for outdoor recreational products, architectural products, electronics, and other markets. Its products are used in a variety of engineered applications. The acquisition will increase the production capabilities of Quanex's Engineered Products Group (Piper Impact, AMSCO, and Homeshield Fabricated Products), leading producers of impact-extrusions and roll-formed metal products for the transportation, building and construction, defense, and other industries.
Quanex is a technological leader in the production of value-added engineered steel bars, aluminum flat-rolled products, and engineered, formed- metal products. The company was founded in 1927 and its stock is listed on the New York Stock Exchange under the symbol NX. For more information, call or visit the company's web site at www.quanex.com.
Media Contact: Patrick Cassidy, 713-877-5389.
SOURCE Quanex Corporation
Web site: http: //www.quanex.com
PHOTO: http: //www.newscom.com/cgi-bin/prnh/19990517/NXLOGO PR Newswire Photo Desk, 888-776-6555 or 201-369-3467
CONTACT: editorial, Patrick Cassidy, 713-877-5389, or financial analysts, Jeff Galow, 713-877-5327, both of Quanex Corporation
CAPTION: NXLOGO QUANEX CORPORATION LOGO Quanex Corporation logo. (PRNewsFoto)[HD] HOUSTON, TX USA 05/17/1999