×

CSW Industrials Announces Acquisition of Greco Aluminum Railings

DALLAS, Feb. 28, 2017 (GLOBE NEWSWIRE) -- CSW Industrials, Inc. (“CSW Industrials” or “CSWI”) (Nasdaq:CSWI) a diversified industrial growth company with well-established, scalable platforms and domain expertise across three segments: Industrial Products; Coatings, Sealants & Adhesives; and Specialty Chemicals, today announced that it has acquired Greco Aluminum Railings (“Greco”) for approximately $28 million. Greco is a leading manufacturer of high-quality engineered railing and safety systems for multi-family and commercial structures in the United States and Canada. Based in Windsor, Ontario, Canada, and with operations both in Canada and the United States, Greco employs a team of over 75 experienced engineers, designers, and installers to deliver turnkey solutions for new construction, renovation, and restoration applications.

Greco will become part of CSWI’s Industrial Products business segment and had trailing twelve-month revenue of approximately $13.5 million and adjusted EBITDA of approximately $3.75 million. The transaction was funded through CSW Industrials’ revolving credit line and is expected to be accretive to EPS within its first year.

Joseph B. Armes, CSW Industrials’ Chief Executive Officer, commented, “Greco builds upon CSWI’s unique architecturally specified building products portfolio, which is one of our fastest growing product categories, and Greco has seen its revenue grow approximately 9% annually over the past three years. This acquisition underscores our strategy to identify best-in-class product acquisitions and leverage our existing distribution channels and broad end market exposure to drive profitable growth.” Armes continued, “Greco’s innovative railings and safety systems are an ideal addition to CSWI’s line of architecturally specified building products which help make buildings safer and more aesthetically pleasing, while enabling compliance with building codes. Their superior design and short lead times deliver specified products within demanding construction schedules. We expect to leverage these processes to our other businesses, and are pleased to add such a unique and talented team to CSWI.”

Dino Aleo, Greco’s President added, “Greco has worked hard to build a reputation for innovative products and superior quality of service in North America, and CSWI is a company that shares Greco’s commitment to growth, quality, and customer satisfaction. We are proud to be joining the CSW Industrials team and excited to begin working together to accelerate Greco’s success.”

CSWI has made available a slide presentation with additional information regarding the acquisition of Greco, which can be accessed in the Investor Relations section of the company’s website at www.cswindustrials.com.

About CSW Industrials

CSWI is a diversified industrial growth company with well-established, scalable platforms and domain expertise across three segments: Industrial Products; Coatings, Sealants & Adhesives; and Specialty Chemicals. CSWI’s broad portfolio of leading products provides performance optimizing solutions to its customers. CSWI’s products include mechanical products for heating, ventilation and air conditioning (“HVAC”) and refrigeration applications, architecturally specified building products, coatings and sealants and high performance specialty lubricants. Markets that CSWI serves include: HVAC, industrial, rail, plumbing, architecturally-specified building products, energy, mining and general industrial markets. More information about CSWI can be obtained by visiting the company’s website at www.cswindustrials.com.

Safe Harbor Statement

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10‑K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

Investor Relations Contacts: Michael Callahan ICR, Inc. Michael.Callahan@icrinc.com | 203-682-8311 Media Contacts: Phil Denning or Jason Chudoba ICR, Inc. Phil.Denning@icrinc.com | 646-277-1258, Jason.Chudoba@icrinc.com | 646-277-1249

Source:CSW Industrials