BUFFALO, N.Y.--(BUSINESS WIRE)--
Gibraltar Industries, Inc. (Nasdaq:ROCK), a leading manufacturer and distributor of building products, announced today the sale of substantially all of its US bar grating assets by its AMICO US subsidiary to Fisher & Ludlow, a subsidiary of Nucor Corporation. Gibraltar continues to manufacture and distribute expanded metal, plank grating, lath, trim, and perimeter security solutions to its customers in North America. Terms of the transaction were favorable to both parties.
Gibraltar had previously announced, in a press release issued December 2, 2016, the exit of its US bar grating product line as part of its portfolio management and 80/20 strategic initiatives, resulting in the closure of five facilities.
“The sale resulted in the continued employment of a substantial number of our highly skilled employees and was more beneficial than originally expected,” said Gibraltar Chief Executive Officer Frank Heard. “We are very pleased with the outcome and remain committed to providing our customers with best-in-class service as we advance our strategy to focus our resources on the highest-return markets, platforms and businesses.”
AMICO US operates distribution centers in Bourbonnais, Illinois; Lakeland, Florida; Fontana, California and Houston, Texas, as well as manufacturing facilities in Birmingham, Alabama and Lafayette, Louisiana. Through its AMICO US subsidiary, Gibraltar will continue to manufacture and supply expanded metal, plank grating, building products, fiberglass and security products throughout North America.
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
and performance 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.
About Gibraltar
Gibraltar Industries is a leading
manufacturer and distributor of building products for industrial,
infrastructure, residential housing, and renewable energy markets. With
a four-pillar strategy focused on operational improvement, product
innovation, acquisitions and portfolio management, Gibraltar’s mission
is to drive best-in-class performance. Gibraltar serves customers
primarily throughout North America, and to a lesser extent Asia.
Comprehensive information about Gibraltar can be found on its website at http://www.gibraltar1.com.
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