Nucor Makes US$1B Acquisition in Construction Products Market
In a statement, Nucor said the acquisition will expand its own insulated metal panel business. The transaction comes with seven manufacturing facilities, three offices, a product innovation center and approximately 830 employees.
It also will give Nucor two valued legacy brands, Metl-Span and CENTRIA.
“Today's announcement accelerates our vision to broaden value-added solutions that Nucor provides to our targeted end markets,” said Nucor president and chief executive Leon Topalian.
"We are excited about this opportunity to acquire a historical leader and innovator in the quickly growing IMP product category serving the non-residential market. We are committed to finding new and better ways to meet our customers’ needs, and this acquisition is an excellent fit with Nucor's long-term strategy to grow our core business and expand our product portfolio."
Nucor said it expects demand for IMP products to grow at double-digit rates through this decade. Demand, it said, is being driven by “evolving consumer preferences regarding e-commerce and grocery delivery, as well as the expansion of data centers and server farms which all require temperature-controlled climates.”
The deal is to close later this year.