Quanex Building Products Announces Strategic Acquisition of LMI Custom Mixing, LLC Assets
HOUSTON, TEXAS, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Quanex Building Products Corporation (NYSE:NX) ("Quanex" or the "Company") today announced the acquisition of substantially all the assets of LMI Custom Mixing, LLC ("LMI") for $92 million, or $79 million, net of the present value of $13 million in anticipated future cash tax benefits. The transaction will be funded with cash-on-hand and borrowings on the Company's existing revolving credit facility. Quanex expects to realize approximately $500,000 in synergies in the first year following the acquisition. The Company expects LMI to generate revenue of approximately $80 million and an EBITDA margin of approximately 15% in fiscal 2023.
