Quanex (NYSE: NX) is buying privately-held cabinets manufacturer Woodcraft Industries for $248.5 million in cash. The buyer is funding the acquisition through cash on hand and debt.
Woodcraft makes wooden doors, frames and other parts for kitchen and bathroom cabinets. The St. Cloud, Minnesota-based target has 13 manufacturing facilities along with four distribution centers across North America. Quanex expects Woodcraft to add about $240 million in annual revenue.