- Gibraltar Industries, Inc. ROCK has acquired Quality Aluminum Products (QAP), a manufacturer of residential building products, for $54 million in cash.
- QAP manufactures aluminum and steel products and serves wholesale markets in the Midwest, Northeast, and South. For the trailing twelve months ended July 31, 2022, QAP recorded revenue of $93 million and Adjusted EBITDA of $11.5 million.
- The company expects the transaction to be immediately accretive to earnings.
- "The acquisition of QAP expands our residential product offering and builds our presence in additional regional markets supporting both retail and wholesale customers," Chairman and CEO Bill Bosway stated.
- ROCK held cash and equivalents of $17.15 million as of June 30, 2022.
- Price Action: ROCK shares are trading lower by 0.74% at $44.23 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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