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Quanex Announces Definitive Agreement to Purchase TruSeal

VIEWS: 16 PAGES: 2

									                                                                 FOR IMMEDIATE RELEASE


Contact:       Pat Kreider, TruSeal Technologies, Inc.
               (216) 910-1532
               kreider@truseal.com

 Quanex Announces Definitive Agreement to Purchase TruSeal Technologies

Beachwood, OH – November 21, 2003 – Quanex Corporation, an industry-leading
manufacturer of engineered materials and components for the Vehicular Products and Building
Products markets, announced today that it signed a definitive purchase agreement with Kirtland
Capital Partners to purchase the stock of TruSeal Technologies, Inc., in a cash transaction.
TruSeal, headquartered in Beachwood, Ohio, manufactures and markets a full line of patented,
flexible insulating glass spacer systems and sealants for wood, vinyl and aluminum windows.
The acquisition is subject to government approval and is expected to close about January 2,
2004. Terms were not disclosed.


Commenting on the sale, August J. “Gus” Coppola, president and CEO of TruSeal, said, “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. 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.”


“TruSeal is a leading manufacturer in their industry and this acquisition complements our efforts
to provide our door and window customers with a broad range of high quality components and
products,” stated Raymond Jean, chairman and CEO of Quanex.


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Quanex Announces Definitive Agreement to Purchase TruSeal Technologies / Page 2


“Today, some 90 percent of all new windows manufactured feature insulating glass, and with
window demand increasing faster than new home starts, the outlook for this type of business is
excellent,” Jean continued. “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. The acquisition of TruSeal, like Colonial Craft before it, serves as an
excellent example of the type of acquisition we’ll make at Quanex as we profitably grow our
core businesses.”


TruSeal’s revenue for 2003 is expected to be approximately $80 million and the company
employs about 300 employees. The operation will become part of Quanex’s Building Products
segment. In 2002, Quanex posted sales of approximately $994 million. The company has
approximately 3,300 employees with manufacturing locations throughout the United States.
Coppola indicated that the daily operations of TruSeal will continue to be directed by the current
TruSeal management team.


For more information, please contact TruSeal Technologies, Inc., 23150 Commerce Park,
Beachwood, OH 44122; 1.888.910.5280; www.truseal.com.


Headquartered in Beachwood, Ohio, TruSeal Technologies is one of the world’s leading
manufacturers and marketers of insulating glass products. TruSeal produces superior IG flexible
spacer systems with consistent after sales service and a warranty program for qualified window
fabricators. TruSeal is listed in the Adhesives & Sealants Industry “ASI Top 50” as a leading
supplier to the IG market.


Quanex Corporation is an industry-leading manufacturer of engineered materials and
components for the Vehicular Products and Building Products markets. The company was
founded in 1927 and its stock is listed on the New York Stock Exchange under the symbol NX.
For further information visit the company Web site at www.quanex.com.
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