Houston window and door maker Quanex buys Tyman for £780m
CONSTRUCTION supplier Tyman has agreed to be bought by US firm Quanex Building Products Corporation for £780m.
Quanex is a metal window and door manufacturer, based in Houston, Texas. Under the terms of the transaction, Tyman shareholders will be entitled to receive 240p in cash and 0.0571 of a new Quanex share.
George L. Wilson, the chairman of the board, president and chief executive officer of Quanex, said: “This transformative acquisition accelerates our journey to becoming bigger, creating a leading supplier of building products with a more diverse geographic footprint, product offering and customer base.
“With significantly enhanced scale, we are looking forward to fully optimising our portfolio of products and assets to position Quanex as a comprehensive solutions provider for our customers.
"Importantly, we expect employees of both companies to also benefit from increased opportunities as part of a larger organisation with expanded engineering, design and manufacturing capabilities.
“The industrial logic and strategic rationale of bringing Quanex and Tyman together are clear and compelling, and we are confident in our ability to drive meaningful value creation for both Quanex and Tyman shareholders and enhanced market offerings for our customer base.”
Nicky Hartery, non-executive chair of Tyman, said: "This transformative and complementary transaction will strengthen the enlarged business for the benefit of all our customers, employees and other stakeholders.
“Today marks the beginning of an exciting next chapter for Tyman and our talented employees, and we look forward to joining with Quanex to deliver future growth and success."
Teleios Capital Partners, Tyman’s largest shareholder, provided an undertaking to vote in favour of the scheme and accept the offer.
A spokesperson for Teleios said: “As a longstanding shareholder of Tyman, Teleios supports Quanex’s proposal, which will create a stronger, combined platform of scale, with significant potential to both consolidate and establish leadership positions in existing and adjacent markets.”