Gibraltar to Sell Thermal Processing Assets
Gibraltar Industries Inc. (Buffalo, N.Y.; http://www.gibraltar1.com) has signed a definitive agreement to sell the assets of its thermal-processing segment to certain funds managed by GSO Capital Partners LP, a New York-based investment advisor, and Coldwater Financial LLC, for approximately $135 million in cash and the assumption of certain liabilities. Completion of the transaction, which is expected to close by the end of June, is subject to customary regulatory approvals. According to Gibraltar, this sale is part of the company's plan to divert non-core assets and businesses. Gibraltar's thermal-processing segment consists of 17 facilities in ten states and Canada, with approximately 900 employees. The thermal-processing segment had 2005 sales of $108 million, which was approximately nine percent of Gibraltar's total sales.