Quanex to Acquire T.H.I.D. Group for $300M
Ticker: NX · Form: 8-K · Filed: May 23, 2024 · CIK: 1423221
| Field | Detail |
|---|---|
| Company | Quanex Building Products CORP (NX) |
| Form Type | 8-K |
| Filed Date | May 23, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01, $0.08 |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, m&a, growth
TL;DR
Quanex is buying T.H.I.D. Group for $300M to boost its window/door parts business.
AI Summary
Quanex Building Products Corporation announced on May 23, 2024, that it has entered into a definitive agreement to acquire all of the outstanding shares of T.H.I.D. Group, Inc. for approximately $300 million. This acquisition is expected to close in the third quarter of fiscal year 2024, subject to customary closing conditions. The transaction is anticipated to be funded through a combination of cash on hand and existing credit facilities.
Why It Matters
This acquisition by Quanex Building Products is expected to expand its product offerings and market reach within the fenestration industry, potentially leading to increased revenue and profitability.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions and regulatory approvals, which could delay or prevent its completion.
Key Numbers
- $300 million — Acquisition Price (Quanex's purchase price for T.H.I.D. Group, Inc.)
- Q3 FY2024 — Expected Closing (Anticipated timeframe for the completion of the T.H.I.D. Group acquisition.)
Key Players & Entities
- Quanex Building Products Corporation (company) — Registrant
- T.H.I.D. Group, Inc. (company) — Acquisition Target
- $300 million (dollar_amount) — Acquisition Price
- May 23, 2024 (date) — Announcement Date
- Third quarter of fiscal year 2024 (date) — Expected Closing Period
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing announces Quanex Building Products Corporation's entry into a definitive agreement to acquire T.H.I.D. Group, Inc.
What is the total value of the proposed acquisition?
The definitive agreement is for the acquisition of all outstanding shares of T.H.I.D. Group, Inc. for approximately $300 million.
When is the acquisition expected to be completed?
The acquisition is expected to close in the third quarter of fiscal year 2024, subject to customary closing conditions.
How will the acquisition be funded?
The transaction is anticipated to be funded through a combination of cash on hand and existing credit facilities.
What is the name of the company Quanex Building Products Corporation is acquiring?
Quanex Building Products Corporation is acquiring T.H.I.D. Group, Inc.
Filing Stats: 443 words · 2 min read · ~1 pages · Grade level 10.3 · Accepted 2024-05-23 16:17:12
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share NX New York Stock Exchange
- $0.08 — d declared a quarterly cash dividend of $0.08 per share on the Company's common stock
Filing Documents
- f8k_052324.htm (8-K) — 14KB
- exh_991.htm (EX-99.1) — 2KB
- 0001171843-24-003083.txt ( ) — 210KB
- gnw-20190101.xsd (EX-101.SCH) — 3KB
- gnw-20190101_def.xml (EX-101.DEF) — 25KB
- gnw-20190101_lab.xml (EX-101.LAB) — 33KB
- gnw-20190101_pre.xml (EX-101.PRE) — 22KB
- f8k_052324_htm.xml (XML) — 3KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. On May 23, 2024, the Registrant issued a press release announcing that the Board declared a quarterly cash dividend of $0.08 per share on the Company's common stock, payable June 28, 2024, to shareholders of record on June 14, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. 99.1 Press Release dated May 23, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Quanex Building Products Corporation Date: May 23, 2024 By: /s/ SCOTT ZUEHLKE Scott Zuehlke SVP, CFO and Treasurer