SEATTLE (Scrap Monster): Nucor Corporation announced that it has entered into an agreement to acquire C.H.I. Overhead Doors (C.H.I.), a leading manufacturer of overhead doors for residential and commercial markets in the United States and Canada. The transaction is valued at $3.0 billion and is expected to close around June this year, subject to regulatory approvals and customary closing conditions.
C.H.I is a leading manufacturer of overhead door products for residential and commercial applications. Also, it also manufactures rolling steel and rubber doors for commercial and industrial customers. It operates two manufacturing plants in Arthur, Illinois, and Terre Haute, Indiana, in addition to regional warehouses in California, Colorado, New Hampshire and New Jersey. The company employs nearly 800 people across the above facilities.
Commenting on the acquisition, Leon Topalian, President and Chief Executive Officer of Nucor Corporation said that the acquisition is another step in its long-term strategy to expand into areas that are a natural extension of its business and leverage its efficient manufacturing model. Furthermore, the acquisition allows Nucor to enhance its already diverse range of businesses that provide end market solutions to the construction and infrastructure markets, he added.
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