NX - Quanex Building to acquire custom polymer mixer LMI Custom Mixing for $92M

• Quanex Building Products ( NYSE: NX ) said Tuesday it will acquire custom polymer mixer LMI Custom Mixing for $92M, or $79M net of the present value of $13M in anticipated future cash tax benefits.
• The deal will be immediately accretive to adj. EPS and improve consolidated margin profile.
• The transaction will be funded with cash and borrowings on Quanex's ( NX ) existing revolving credit facility.
• Quanex expects to realize ~$500K in synergies in the first year after the acquisition and expects LMI to generate ~$80M revenue and ~15% EBITDA margin in FY23.
• The acquisition, which is expected to result in vertical integration and cost savings due to complementary operations, fits within Quanex's ( NX ) material science and process engineering expertise.

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