Nucor to Acquire Steel Racking Manufacturer in US$370M Deal
"Acquiring Hannibal Industries gives us a new growth platform and broadens our offering to the fast-growing warehouse channel, and complements our current product capabilities, including beams, joists and deck, metal buildings, and insulated metal panels," said Nucor president and chief executive Leon Topalian.
"This acquisition reflects our strategy of expanding beyond our core steel businesses and establishes a new area for Nucor to pursue a market leadership position," he added.
Hannibal is a leading manufacturer of warehouse racking and serves the e-commerce, industrial, food storage and retail segments.
Nucor will acquire all of Hannibal’s outstanding shares from its employee stock ownership plan.
Hannibal has manufacturing facilities in Los Angeles, Calif., and Houston, Texas, as well as three distribution centers. It utilizes sheet and bar steel, as well as steel decking, wire deck and fasteners.