Nucor Corp. Announced Acquisition of Leading Steel Racking Manufacturer

Nucor plans to purchase 100% of the company’s outstanding shares from its Employee Stock Ownership Plan (ESOP).

SEATTLE (Scrap Monster): Nucor Corporation announced that it has entered into an agreement to acquire the assets of Los Angeles, California-headquartered steel racking manufacturer, Hannibal Industries, Inc. The deal, worth $370 million, is subject to pending approvals. Nucor plans to purchase 100% of the company’s outstanding shares from its Employee Stock Ownership Plan (ESOP).

Hannibal is the country’s leading provider of racking solutions to warehouses. It serves several segments including e-commerce, industrial, food storage and retail with racking solutions that make use of sheet and bar steel, as well as steel decking, wire deck and fasteners. The company also offers turn-key services such as installation, procurement and facility integration during the design and construction phase of warehouses.

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Apart from manufacturing facilities in Los Angeles and Houston, Hannibal has three distribution centres to meet customer demand.

Leon Topalian, President and Chief Executive Officer of Nucor Corporation noted that the acquisition demonstrates its strategy of expanding beyond its core steel businesses. In addition to complementing its current product capabilities, it also provides the company a new growth platform, he added.

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