Following the recent news that Edgetech will be acquired by Quanex Building Products Corp. (NYSE:NX), the management teams at both companies say they’re confident about the merger of technology and expertise. Mike Hovan, Edgetech’s President comments: “Edgetech has seen substantial growth in its long history but we were aware that for this level of ambitious growth to continue, we would need increased capability from our parent organisation. With this in mind, Lauren International, the parent company of Edgetech, began looking for a buyer with the necessary resources and expertise. We were looking for somebody who has, frankly, the muscle to help grow the business to its full potential.”
Quanex Building Products Corp Chairperson and Chief Executive Officer, David Petratis explains why the company wanted to acquire Edgetech: “Edgetech’s involvement in the global insulating glass market, and its manufacturing facilities in the UK and Germany made the deal attractive for Quanex. The next step is for the acquisition to receive the customary governmental approvals. Our plans call for us, to build on Edgetech’s people and capabilities that we are gaining in this pending transaction. Some of the attractive elements of Edgetech are the strengths of its leadership and the people that make up its business.”
Andy Jones, Managing Director for Edgetech UK and Europe GmbH adds: “Our employees worldwide have been notified of the pending acquisition by Quanex and the feedback from the teams has been positive. As you would expect, employees were a little nervous due to fear of the unknown, but once they heard who the new parent company would be and learned more about them, the mood has actually been extremely positive. Feedback from customers and suppliers alike has been very positive. I think they see the value of both companies, in what we both currently bring to the marketplace, and they inherently see the benefit of what we can collectively do and offer to our customer base.”
Mike concludes: “Once you start looking at all of the potential opportunities from combining the technologies, people and expertise that both companies offer, particularly in energy efficient products, you come out with some very interesting potential in the future that will help our customers grow.”
Quanex Building Products Corp. is a manufacturer of engineered materials, components and systems primarily serving the North American residential door and window market. Edgetech will be part of Quanex’s Engineered Products Group.