Quanex, owner of Edgetech and Liniar in the UK, has announced the acquisition of rival Tyman plc, owner of Era, Zoo Hardware and Access 360, for around £788million ($1.1billion).
The buyer said in a statement that, while the combined company will be headquartered at its Texas head office, it does not intend to close any of Tyman’s manufacturing facilities as a result of the acquisition.
The acquisition creates a business which on a pro forma basis generated approximately $2 billion of revenue in the fiscal year ended October 31, 2023.
George Wilson, chairman, 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 optimizing 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 organization with expanded engineering, design and manufacturing capabilities.”
Tyman chairman Nicky Hartery 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.”
