Gibraltar
Industries (NASDAQ: ROCK), a leading manufacturer and distributor of
products for building and industrial markets, announced the expansion of
its offerings through the recently completed purchase of the assets of a
Nevada-based supplier of solar-powered ventilation products.
The acquired business complements and expands Gibraltar’s product
portfolio and customer base in both the residential new construction and
home remodeling markets. The company funded the investment of $5 million
from existing cash on hand. The acquired product line generated revenue
of approximately $4 million in 2012.
“Adding this solar ventilation product line will strengthen our position
within the growing energy conservation segment of the building materials
market space,” said Gibraltar Chairman and Chief Executive Officer Brian
Lipke. “It not only broadens our product category coverage immediately,
but also provides us with access to innovative technology for future
product designs, as well as opportunities to grow the business through
marketing of additional products to established Gibraltar customers.”
About Gibraltar
Gibraltar Industries is a leading manufacturer and distributor of
building products, focused on residential and nonresidential repair and
remodeling, as well as construction of industrial facilities and public
infrastructure. The company generates more than 80% of its sales from
products that hold the #1 or #2 positions in their markets, and serves
customers across the U.S. and throughout the world. Gibraltar’s strategy
is to grow organically by expanding its product portfolio and
penetration of existing customer accounts, while broadening its market
and geographic coverage through the acquisition of companies with
leadership positions in adjacent product categories. Comprehensive
information about Gibraltar can be found on its website at http://www.gibraltar1.com.
Safe Harbor Statement
Information contained in this news release, other than historical
information, contains forward-looking statements and is subject to a
number of risk factors, uncertainties, and assumptions. Risk factors
that could affect these statements include, but are not limited to, the
following: the availability of raw materials and the effects of changing
raw material prices on the company’s results of operations; energy
prices and usage; changing demand for the company’s products and
services; changes in the liquidity of the capital and credit markets;
risks associated with the integration of acquisitions; and changes in
interest and tax rates. In addition, such forward-looking statements
could also be affected by general industry and market conditions, as
well as general economic and political conditions. The company
undertakes no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable law or regulation.
Copyright Business Wire 2013