In a significant move that will reshape the industry, Quanex Building Products Corporation has received the green light from its shareholders to proceed with the acquisition of London-based Tyman, a leading supplier of commercial and residential window and door hardware.
This landmark transaction, announced in April, values Tyman at approximately $1.1 billion and is poised to create significant synergies and growth opportunities for the combined entity.
Quanex officials say Tyman shareholders will receive either a mix of $311 in cash and 0.05715 shares of Quanex common stock for each Tyman share or a capped all-share alternative of 0.14288 shares of Quanex common stock per Tyman share.
“We continue to prepare internally for the future integration of our two companies and look forward to working together with our talented colleagues at Tyman after the transaction closes,” said George Wilson, Chairman, President and CEO of Quanex. “Once combined, we expect to deliver unparalleled value to our customers, employees and shareholders.”
Tyman’s broad portfolio of window and door companies, with a focus on hardware, commercial access solutions, and seals and extrusions, will strengthen Quanex’s market leadership position in the North American and European defense industry. The combined entity will leverage its enhanced scale, complementary product offerings and shared expertise to drive innovation and deliver outstanding solutions to its diverse customer base.
The acquisition is expected to close in August 2024, subject to customary regulatory approvals and closing conditions. This transformational move underscores Quanex’s strategic vision and commitment to strengthen its position as a leading provider of innovative construction products and services.
Source: Quanex with additional information added by GlassBalkan
