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Press Releases
FOR IMMEDIATE RELEASE
January 6, 2004
Gibraltar Acquires Renown Specialties Company Ltd.
Renown is a Leading Canadian Manufacturer and Distributor of Construction Hardware; Acquisition Broadens Gibraltar's Product Line, Strengthens its International Presence
BUFFALO, NEW YORK (January 6, 2004) - Gibraltar (Nasdaq: ROCK) today announced that it has acquired Renown Specialties Company Ltd., a designer, manufacturer, and distributor of structural connectors that are used to join wood to wood, wood to concrete, and wood to masonry. Terms of the acquisition were not disclosed.
Renown, formed in 1978, had 2002 sales of approximately $10 million in Canadian dollars, and employs 35 people at its 60,000-square-foot facility in Thornhill, Ontario (near Toronto). Its broad line of structural connectors and construction hardware - including fence spikes, closet rods, and shelf brackets, which are additions to Gibraltar's product line - are sold to retail and home center stores, including The Home DepotŪ, throughout Canada.
"The strategic acquisition of Renown Specialties broadens our product line, strengthens our relationships with key customers, and allows us to penetrate some new accounts," said Brian J. Lipke, Gibraltar's Chairman and Chief Executive Officer.
"The management team at Renown, led by Domenic Fazari, President, has steadily grown the business over the last 25 years, and we are pleased that he has agreed to stay with the company and work with us to accelerate its growth," said Mr. Lipke.
This is the third building products company acquired by Gibraltar in the last year, following the 2003 acquisitions of Construction Metals (April 1) and Air Vent (May 1). Gibraltar also announced on December 3, 2003, that it had formed a joint venture with Duferco Farrell, which will further strengthen its leadership position in the strip steel market. Gibraltar's heat-treating operations also finalized agreements with two major automotive customers in 2003 that will result in approximately $75 million in new business over the next seven years.
Gibraltar is one of North America's leading metal processors, a manufacturer of more than 5,000 steel, other metal, and plastic products, and North America's second-largest commercial heat treater. The Company serves approximately 10,000 customers in a variety of industries in all 50 states, Canada, and Mexico. It has approximately 3,800 employees and operates 69 facilities in 26 states, Canada, and Mexico.
Information contained in this release, other than historical information, should be considered forward-looking, and may be subject to a number of risk factors, including: the impact of changing steel prices on the Company's results of operations; changing demand for the Company's products; risks associated with the integration of acquisitions; and changes in interest or tax rates.
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