Volume 38, Issue 12, December 2003
Quanex Announces Agreement
to Purchase TruSeal Technologies
Quanex Corp., a manufacturer of engineered materials and components for the vehicular products and building products markets, has announced it has signed a definitive agreement with Kirtland Capital Partners to purchase the stock of TruSeal Technologies Inc., in a cash transaction. The acquisition is subject to government approval and is expected to close January 2, 2004. Terms were not disclosed.
“TruSeal is a leading manufacturer in their industry and this acquisition compliments our efforts to provide our door and window customers with a broad range of high quality components and products,” said Raymond Jean, Quanex chairperson and chief executive officer (CEO). “Today, some 90 percent of all new window manufacturers feature insulating glass, and with window demand increasing faster than new home starts, the outlook for this type of business is excellent. TruSeal will also provide some customer diversification and give us a platform for international expansion. We look forward to having their strong management team help us grow our building products segment and expect the acquisition to be accretive to earnings in its first year.”
“While I am sorry to see our ownership era with Kirtland Capital Partners come to an end, Kirtland’s keen interest in the success of TruSeal and the value it places on our employees and customers was evident during the sale process,” said August J. “Gus” Coppola, TruSeal president and CEO. “Kirtland provided the foundation, guidance and the resources that allowed TruSeal to expand its core competencies and create a market-leading business with new,best-in-class products. We are now prepared to embark on a new era of growth and success under Quanex ownership as we strive to meet our strategic objectives.”
Florida Teen Dies from Shard of Falling Glass
Kemar Campbell a 17-year old high school student from Fort Lauderdale, Fla., died November 30 from glass that shattered in a local restaurant window. According to one report, Campbell was leaning against the window when the glass broke; another said he was hitting it when a shard of glass fell, cutting his throat and causing him to bleed to death.
At press time it had not been determined if the window was in an application that would have required safety glazing material.
New FMCSA Hours of Service Change in January
The Federal Motor Carrier Safety Administration’s (FMSCA) new hours of service regulation goes into effect on January 4, 2004.
Under the new regulation, drivers and motor carriers must comply with the following:
• Eleven hours of driving time following ten consecutive hours off duty;
• No driving beyond the 14th hour after coming on duty, following ten consecutive hours off duty.
“With the distribution nature of our business that has 15 to 20 stops, having the total driving time reduced may have an impact on our business,” said John Stilwell, president of AFGD Inc. in Atlanta. “It’s going to require all of us—not just glass companies but trucking companies, too—to have to hire more drivers.
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