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Quanex Building Products to Acquire Tyman in $1.1 Billion Transformative Deal


Houston, TX (April 22, 2024) – In a major shakeup of the global building products industry, Quanex Building Products Corporation (NYSE: NX) today announced a definitive agreement to acquire Tyman plc (LSE: TYMN) for approximately $1.1 billion in enterprise value. The game-changing transaction will create a comprehensive solutions provider with enhanced scale, product offerings and geographic reach.

The Strategic Rationale The acquisition aligns with Quanex’s “BIGGER” strategic roadmap to reach $2 billion in revenues by adding Tyman’s complementary portfolio of trusted brands across window/door hardware, commercial access solutions, and seals/extrusions. It significantly bolsters Quanex’s position as a diversified supplier to OEMs.

“This transformative deal accelerates our journey, creating a leading building products company with a broader geographic footprint, product suite and customer base,” stated George Wilson, Quanex’s Chairman, President and CEO. “The compelling industrial logic will unlock substantial synergies and position the combined entity for accelerated profitable growth.”

The Deal Terms Under the terms, Tyman shareholders will receive an implied value of 400 pence per share, payable in a mix of 240 pence cash and 0.05715 Quanex shares, or a capped all-stock option at 0.14288 Quanex shares per Tyman share. This represents a 35.1% premium to Tyman’s share price as of April 19th.

Tyman’s largest shareholder, Teleios Capital with a 16.4% stake, has agreed to vote in favor and elect the all-stock consideration.

Financial Benefits & Next Steps The transaction is expected to be meaningfully accretive to Quanex’s earnings in the first full fiscal year post-close, factoring in $30 million of annual cost synergies anticipated within two years.

The combination creates a more profitable company with over $2 billion in pro forma 2023 revenues, enhanced margins, robust free cash flow and a healthy balance sheet for future growth investments.

The deal has been unanimously approved by both companies’ boards and is expected to close in late 2024, subject to shareholder and regulatory approvals. The combined entity headquartered in Houston does not plan any manufacturing facility closures related to the acquisition.

Quanex’s acquisition of Tyman marks a reshaping of the global building products landscape, positioning the combined company for accelerated growth and value creation through increased scale, diversification and synergies.


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