Unit in $1.7 Billion Deal
By KATHY SHWIFF
November 20, 2007
Quanex Corp. said it will split itself in two, spinning off its building-products unit to shareholders and selling its automotive-parts business to Brazilian steelmaker Gerdau SA for about $1.57 billion.
The planned sale values Quanex's vehicle business at $39.20 a share. The Houston industrial company's stock rose $12.01, or 33%, to $48.75 in 4 p.m. New York Stock Exchange composite trading, a price that reflects the part of the company being spun off and procceds from the sale to Gerdau.
Quanex said in May that it was considering a possible sale, spinoff or joint venture of its building-products business, which includes the manufacturing of aluminum siding, windows and doors. The building-products segment's sales are estimated at $964 million for the fiscal year ended Oct. 31. Quanex's total sales for the fiscal year are estimated at $2.06 billion.
Quanex, through its steel arm MacSteel, produces special bar-quality steels, operating at three minimills. In July, Gerdau acquired U.S. steelmaker Chaparral Steel Co. for $4.2 billion. Three months later, Gerdau acquired construction-products maker Enco Materials Inc. for an undisclosed amount.
Regards,
frenchee
#board-4258 TSP Trend Timing: EFA (I), TLT (F), SPY (C), and VXF (S)
Recent NX News
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 06/13/2024 09:06:30 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/13/2024 09:04:42 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/11/2024 09:27:45 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 06/11/2024 09:26:18 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 06/07/2024 08:02:58 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/06/2024 08:17:15 PM
- Quanex Building Products Announces Second Quarter 2024 Results and Reaffirms Full Year 2024 Guidance • GlobeNewswire Inc. • 06/06/2024 08:15:13 PM
- Form DEFM14A - Definitive proxy statement relating to merger or acquisition • Edgar (US Regulatory) • 06/06/2024 12:00:25 PM
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/29/2024 08:05:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/23/2024 08:22:11 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/23/2024 08:17:12 PM
- Quanex Building Products Declares Quarterly Dividend • GlobeNewswire Inc. • 05/23/2024 08:16:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/23/2024 08:16:45 PM
- Quanex Building Products Announces Second Quarter 2024 Earnings Release and Conference Call Schedule • GlobeNewswire Inc. • 05/23/2024 08:15:00 PM
- Form PREM14A - Preliminary proxy statements relating to merger or acquisition • Edgar (US Regulatory) • 05/17/2024 08:42:57 PM
- Kuehn Law Encourages HIBB, MTTR, AGBA, and NX Investors to Contact Law Firm • PR Newswire (US) • 04/24/2024 05:05:00 PM
- Quanex Building Products to Acquire Tyman, Creating a Comprehensive Solutions Provider in the Building Products Industry • GlobeNewswire Inc. • 04/22/2024 06:07:09 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 03/08/2024 09:01:57 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/07/2024 09:17:12 PM
- Quanex Building Products Announces First Quarter 2024 Results and Provides Full Year 2024 Guidance • GlobeNewswire Inc. • 03/07/2024 09:15:19 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/01/2024 09:02:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/28/2024 09:23:39 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 09:17:15 PM
- Quanex Building Products Declares Quarterly Dividend • GlobeNewswire Inc. • 02/28/2024 09:15:10 PM
- Quanex Building Products Announces First Quarter 2024 Earnings Release and Conference Call Schedule • GlobeNewswire Inc. • 02/22/2024 09:15:00 PM
FEATURED Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM
VAYK Exited Caribbean Investments for $320,000 Profit • VAYK • Jun 27, 2024 9:00 AM